OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, and Venezuela continue to see their output contract, latest S&P Global Platts survey has shown. Nigeria also saw production fall significantly in the month, hampered by a fire at its Trans Forcados crude pipeline that forced shut down and force majeure on key export grade, Bonny Light that was lifted mid-May. The shutdown was a blow to the Forcados exports of roughly 240,000 barrels a day (bpd). Shell manages the crude export terminal, while Heritage Energy operates the pipeline. According to S&P Global Platts survey, Nigeria’s production dropped to 1.86mbpd last month against 1.95mbpd recorded in April. Saudi Arabia kept some fields offline and pumped 9.70 million b/d in the month, a 120,000 b/d drop from April, a survey […]