Oil production declines to 89.89 million barrels per day in MayChristian Fernsby ▼ | June 20, 2020
In May 2020, the total oil production amounted to 89.89 million barrels per day, marking a daily decrease of 10.04 million barrels compared to April 2020, according to figures from the Organisation of the Petroleum Exporting Countries, OPEC.
OPEC Oil rig
In May 2020, oil prices surged after dropping in the first quarter to its lowest levels since 2003, which encouraged the Organisation of the Petroleum Exporting Countries Plus, OPEC+, to cut production further, especially with the decline of oil demand by major consumer countries.
The production of OPEC members declined by 6.3 million barrels per day in May while other cuts were made by Russia, the US, Kazakhstan, Oman, Canada, Azerbaijan, Norway and Mexico, as per OPEC’s monthly report on oil market activity.
OPEC estimates a decline in global oil production by 9.1 million barrels per day in 2020, noting that average global oil production this year will reach 90.6 million barrels per day, according to preliminary figures. In 2019, global oil demand reached 99.67 million barrels per day, according to OPEC’s figures. ■