The total global oil production in May amounted to 89.89 million barrels per day (bpd), marking a daily decrease of 10.04 million bpd compared to April, according to figures released by the Organisation of the Petroleum Exporting Countries (Opec).
The global decline in oil production was the result of an agreement signed between Opec and other producers to cut production, to maintain a balance between supply and demand and protect the interests of both producers and consumers, it stated.
Last month, oil prices surged after dropping in the first quarter to its lowest levels since 2003, which encouraged the Opec + countries to cut production further, especially with the decline of oil demand by major consumer countries, said the report.
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.
The organisation has estimated 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.
