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