The new OPEC Monthly Oil Market Report just came out with their Crude Only production numbers for May. All data in the OPEC charts are in thousands barrels per day. OPEC 12 There was very little in production changes and no surprises in the May data. Total OPEC production was up 142,000 barrels per day and that was after the April numbers had been revised up by 29,000 bpd. Everyone is concerned about Iraq. Iraq’s April numbers were revised down by 22,000 bpd and May production was up 18,000 above that revised number. Iraqi production stood at 3,331,000 bpd in May but I expect that number will change in June and most definitely in July. Saudi Arabia Of course everyone is concerned about Saudi Arabia. Nothing much happened to Saudi Production in May either. April production was revised up 35,000 bpd and May production was up 32,000 above that. […]