Kuwait ups oil production in May despite output cut policy

Kuwaiti oil production was out of tune with other OPEC members, as the GCC country increased its output by 13,000 barrels a day, to reach 2.71 million barrels per day (bpd) in May.

Alongside Kuwait, Iraq, Gabon, Algeria, and the UAE also upped their output by 94,000 bpd, 23,000 bpd, 6,000 bpd, and 3,000 bpd, respectively, in May, OPEC’s monthly bulletin issued on Thursday showed.

Meanwhile, Iran, Nigeria, Saudi Arabia, and Venezuela cut their oil production by 277,000 bpd, 92,000 bpd, 76,000 bpd, and 35,000 bpd, respectively, last month.

Oil production from OPEC dropped by 236,000 bpd to 29.87 million bpd last May, in May, hitting its lowest level for five years.

OPEC along with a group of 10 allied producers, including Russia, agreed in December to hold back crude supply by a collective 1.2 million bpd for the first half of this year, with the 14-nation group agreeing to remove 800,000 bpd.