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OPEC states reduce oil production in May — report

At the same time, ten OPEC states scaled up oil production in May by 76,000 barrels per day

MOSCOW, June 14. /TASS/. Member-states of the Organization of Petroleum Exporting Countries (OPEC) lowered oil production in May by 176,000 barrels per day to 28.508 mln barrels daily, OPEC says in its June report. Libya accounted for the bulk of oil production drop (down 186,000 barrels per day).

At the same time, ten OPEC states (except Iran, Libya and Venezuela) participating in the OPEC+ agreement scaled up oil production in May by 76,000 barrels per day to 24.54 mln barrels daily.

According to the report, Saudi Arabia produced 10.424 mln barrels of oil daily in May 2022, up 60,000 barrels a day against April. The UAE scaled up oil production by 31,000 barrels daily to 3.046 mln barrels per day. Iraq at the same time lowered oil production in May by 21,000 barrels daily to 4.405 mln barrels per day.

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FACTBOX: Collective Security Treaty Organization

The Collective Security Treaty came into force on April 20, 1994 to herald the emergence what would eventually become the Collective Security Treaty Organization. The six member-countries are Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan

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