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OPEC' s May crude production advances from 3-year low

MARK SHENK

VIENNA, Austria (Bloomberg) -- OPEC crude production climbed in May for the first time in three months, led by gains in Angola and Saudi Arabia, a Bloomberg survey showed.

Production by the 12-member Organization of Petroleum Exporting Countries rose by 75,000 bpd to an average 29.988 million, according to the survey of oil companies, producers and analysts. Last month’s total was revised 50,000 bpd higher to 29.913 million because of changes to the Saudi Arabian and United Arab Emirates estimates.

Angolan output increased by 140,000 bpd to 1.68 million, the biggest gain for any member this month. Production climbed because of the end of maintenance at the Greater Plutonio offshore field operated by BP Plc.

Saudi Arabia, the group’s biggest producer, bolstered output by 70,000 bpd to 9.67 million, the first gain this year. The desert kingdom pumped 10 MMbpd in September, the most in monthly data going back to 1989.

OPEC ministers kept their output target unchanged at 30 MMbpd on Dec. 4. The group will next meet on June 11 in Vienna.

05/29/2014

 

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