OPEC Boosts Oil Cut Compliance to 90%; Iraqi Production Falls, MEES Says
London, June 14 (Bloomberg) -- The Organization of Petroleum
Exporting Countries increased compliance with its promised oil
production cuts to 90 percent in May from 87 percent in the previous
month as daily output fell by 180,000 to 26.13 million barrels a day,
the Middle East Economic Survey said. Oil production from Iraq, which
is the only OPEC member not participating in the cutbacks, fell by
70,000 barrels a day, while production from the other 10 members
declined by 110,000 barrels a day, the report said. Iran, Venezuela,
Saudi Arabia, Qatar and Kuwait together cut production by 158,000
barrels a day, while Indonesia and Nigeria boosted their output by
38,000 barrels a day as they flouted their quotas, the report said.
OPEC met in March and together with four non-OPEC producers
agreed to production cuts equivalent to about 2.7 percent of
worldwide output.
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