OPEC last week agreed to renew its pledge to rein in production in order to balance the market and boost prices, but curbs on output haven’t been reflected in shipments. While compliance with the deal has been unprecedented, crude exports from OPEC members rose to 25.4 million barrels a day in May, the highest level this year, according to preliminary data from cargo-tracking company Kpler SAS. Iran and Nigeria, which were both permitted to raise output under the deal, led the increases with a combined 647,000 barrel-a-day boost from a month earlier.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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