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Top oil exporter Saudi Arabia told OPEC that it increased oil production in May to just over 10 mil bpd, Reuters reported on Monday citing a source familiar with the matter. Despite the increase, the kingdom remained below its OPEC output target of 10.058 mil bpd.
OPEC member Nigeria's exports of crude oil are expected to fall in July to about 1.43 mil bpd, its lowest level so far in 2018. According the loading plans seen on Monday, July’s exports will comprise of 48 cargoes, compared with June’s level of 60 cargoes and daily rate of 1.796 mil bpd. The decrease in July is being attributed in part to an outage on the Bonny Light stream, which has been under force majeure for a month.
In another development that highlights the woes of OPEC producer Venezuela, the U.S. unit of Venezuela's state-run producer PDVSA was reported to be increasing purchases of crude on the open market because it cannot get sufficient deliveries from its struggling parent company. According to trading sources, Citgo Petroleum has been buying crude from multiple countries as PDVSA has been unable to meet the contractual volume of heavy crude due to falling output and port congestion.
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