The Organization of the Petroleum Exporting Countries (OPEC) members’ crude output rose 270,000 b/d to 32.12 million barrels per day compared to April, according to an S&P Global Platts survey released Tuesday (June 6), driven by sharp output recoveries in Libya and Nigeria, both of which are exempt from the organization’s production cut agreement. Libya and Nigeria’s combined January-May average output of 2.312 million b/d is now 101,000 b/d higher than their October levels, the benchmark month against which the rest of OPEC members’ cuts are determined. OPEC’s collective May output was some 350,000 b/d above its stated ceiling of 32.5 million b/d, when Indonesia, which typically produces about 730,000 b/d, is added in.
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