Oil output from OPEC fell in May by 230,000 barrels per day to 29.95 million bpd, hitting a five-year low, according to data from the International Energy Agency (IEA).
In May, top OPEC producer Saudi Arabia’s output fell by 110,000 bpd to 9.7 million bpd.
Oil supplies also continued to fall in Iran and Venezuela, both of which have been targeted by U.S. energy sanctions. In Iran, production fell by 210,00 bpd to 2.4 million bpd, while Venezuela’s output fell 35,000 bpd to 741,000 bpd, TASS reported.
Nigeria, Africa’s largest producer, also saw output fall by 90,000 bpd to 1.69 million bpd.
