A Platts survey by S&P Global Commodity Insights has shown that crude oil production by the Organization of Petroleum Exporting Countries (OPEC) and its allies have hit a two-year low due to cuts by the Kingdom of Saudi Arabia
The survey also showed that the disruptions in Kazakhstan and Nigeria also outweighs the gains in Iran and Iraq, contributing to an almost 1 million barrels per day (mbpd) fall in OPEC+ output month on month.
“OPEC’s 13 members pumped 27.34 mbpd, while Russia and eight other allies added 13.06 mbpd, for a total of 40.40 mbpd, the survey found. That was the group’s lowest since August 2021, when major cuts implemented during the pandemic were still being unwound,” the survey stated.
