OPEC Output Drops, Oil Prices Plummet.
TL;DR
OPEC oil output for May dropped by 460,000 barrels per day from April, according to a Reuters survey, due to voluntary production cuts by OPEC+ to support the market. Six OPEC members agreed to cut 1.04 million bpd in addition to the already-existing 1.27 million bpd. Saudi Arabia's fiscal breakeven oil price is $78 per barrel this year, though in practice, it could be higher based on spending needs for balancing the budget.
- Reuters Survey OPEC Output Down 460,00 BPD This Month OilPrice.com
- Oil Prices Head Toward Worst Month Since September The Wall Street Journal
- OPEC oil output falls 460000 barrels per day in May, Reuters survey shows Reuters
- Oil Prices Extend Losses On Weak Economic Data From China OilPrice.com
- Oil settles lower on weak China data, stronger US dollar CNBC
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