Opec compliance with supply curbs declines

Opec oil supply rose in May due to higher supply from members, including Angola and Nigeria, breaking a several-month trend of declines as oil prices rallied, according to a survey.

Supply from the 11 Opec members bound by output targets rose to 25.91 million barrels per day (bpd) from a revised 25.62 million bpd in April, according to the survey of oil firms, Opec officials and analysts.

Opec has agreed to cut supply by 4.2 million bpd since September. The latest cut, of 2.2 million bpd, took effect on January 1. Supply was 1.07 million bpd higher in May than the implied target for the Opec 11 of 24.84 million bpd, meaning the group lowered output by 3.13 million bpd of the promised curbs.

That gives a 75-per cent compliance rate, down from a revised 81 per cent in April and in March.

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