OPEC+ Data Deck (May 2024)
OPEC+ crude output fell in April yet group-wide quota overproduction actually rose as Russia’s contracting production fell short of its renewed commitment.
Below the paywall you will find the latest monthly edition of the Commodity Context OPEC+ Data Deck (34-page PDF), tracking group-wide and member-level production estimates, quotas, compliance, and exports.
If you’re already subscribed and/or like the free summary bullets, hitting the LIKE button is one of the best ways to support my research.
Quota-participating OPEC+ crude production fell 240 kbpd m/m to 34.16 MMbpd in April.
Group-wide production exceeded official quotas, set at 33.97 MMbpd in April, for the fourth month in a row and by the largest margin since OPEC+ began once again cutting production in late-2022.
Producer group will decide on the fate of production cuts for the latter half of 2024 at its upcoming meeting on June 1st.
Quota-participating OPEC+ crude production fell 240 kbpd m/m to 34.16 MMbpd in April driven, above all, by Russia (-170 kbpd), which reduced output in line with its newly revised production targets (more below). The next largest production decline was from Nigeria, where production remains choppy following last year’s output recovery. More broadly, production data and perceptions of compliance will be especially sensitive heading into OPEC+’s meeting on June 1st.
[Further analysis and full OPEC+ Data Deck PDF report below paywall]