OPEC delivers three quarters of record oil cut in May: survey

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OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey ...

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OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their share of the reduction.

"OPEC has made a strong start in May with its latest production cut, lowering supply by 5 million bpd versus April," Daniel Gerber, chief executive of Petro-Logistics, which assesses OPEC supply by tracking tanker shipments, told Reuters. The biggest drop in supply came from Saudi Arabia, which pumped a record 11.7 million bpd in April. Saudi supply is expected to drop even further in June.

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