OPEC oil output dips in May after Iran exports slip - report

Jun 25, 2007, 12:23 GMT

Nicosia - Total OPEC oil production fell by 360,000 barrels per day to 30.16 million barrels per day in May, after Iranian exports returned to their long-term average levels following two months of additional sales from floating storage, the Middle East Economic Survey reported Monday.

The Cyprus-based weekly said that the May production for the ten members of the Organisation of Petroleum Exporting Countries, excluding Iraq and newcomer Angola, was down 330,000 barrels per day to 26.55 million barrels per day from April,

But this was well above the target level designated under the output cuts agreed at ministerial meetings in Doha and Abuja.

Iranian output in May included 2.36 million barrels per day in exports - far below the long-term high of 2.98 million barrels - reported in March - and 1.45 million barrels per day of deliveries to domestic refineries.

While there were slight increases in output in May for Algeria, Kuwait, Saudi Arabia and the United Arab Emirates, these were more than accounted for by a fresh 150,000-barrels-per-day drop in Nigerian output due to attacks on the Bonny, Brass River and offshore fields, the MEES report noted.