30 June 2015
Global oil production dips but still strong
The supply fell by 155,000 barrels a day (b/d) in May to 96m b/d, according to the International Energy Agency
Global oil production fell by 155,000 barrels a day (b/d) in May to 96m b/d as lower non-Opec output offset a small increase from Opec. While yearly gains eased from March and April’s highs, growth nevertheless stood at a robust 3m b/d, split roughly equally between non-Opec and Opec countries, the latest data from the IEA shows. Opec crude supply edged up 50,000 b/d in May to 31.3m b/d – the highest since August 2012. Saudi Arabia, Iraq and the UAE pumped at record monthly rates to keep Opec output more than 1m b/d above the group’s official 30m b/d supply target for a third month running. Barring unforeseen outages, Opec is likely to keep pumping at around 31mn b/d during the coming months
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
