The Organization of the Petroleum Exporting Countries (OPEC) released a new report on the crude oil production of its member countries, indicating that six countries increased their crude oil production while seven countries decreased their production.
The information is contained in OPEC’s Monthly Oil Market Report (MOMR) for May 2022.
The report showed that crude oil production increased in Saudi Arabia, the United Arab Emirates, Kuwait, Angola, Algeria and Congo. At the same time, production in Libya, Nigeria, Iraq, Gabon, Venezuela, Iran and Equatorial Guinea has declined.
It showed that total OPEC-13 crude oil production averaged 28.47 million barrels per day in May 2022, down 239,000 barrels per day month-on-month.
The report saw Saudi Arabia increase production from 10,366 tb/d in April to 10,417 tb/d in May, the United Arab Emirates from 3,015 tb/d to 3,042 tb/d, while Kuwait is increased from 2,662 tb/d to 2,687 tb/d.
It further showed that Angola increased its crude oil production from 1,168 tb/d in April to 1,176 tb/d in May, Algeria improved from 1,003 tb/d to 1,007 tb /d, while Congo increased slightly from 262 tb/d to 268 tb/d. D.
However, production in Libya fell from 914 tb/d in April to 725 tb/d in May, production in Nigeria fell from 1,322 tb/d to 1,258 tb/d, while Iraq fell by 4,420 tb/d to 4,374 tb/d.
Additionally, Gabon went from 200 tb/d to 169 tb/d, Venezuela went from 712 tb/d to 711 tb/d, while Iran and Equatorial Guinea went from 2,564 tb/d. to 2,538 tb/d and from 96 tb/d to 94 tb/d respectively. .
On global oil supply, the report said preliminary data indicates that global liquids production in May decreased by 0.22 mb/d to an average of 98.71 mb/d from April.
Production of non-OPEC liquids (including OPEC natural gas liquids) is estimated to have increased in May by a small 23 tb/d to an average of 70.2 mb/d, but it was 1.7 mb/d higher year-on-year.
“Preliminary estimated production declines in May were primarily driven by Canada and the UK of 0.4 mb/d, while Eurasia and Latin America are expected to have experienced liquids production growth of 0. 4 mb/d”.
The share of OPEC crude oil in total world production fell 0.2pp to 28.8% in May from the previous month.
Estimates are based on preliminary data from direct communications for non-OPEC supply, OPEC and unconventional oil, while OPEC crude production estimates are based on secondary sources.