OPEC and its allies slashed almost one-fifth of their crude oil production in May, the first month of their landmark supply accord, according to the latest S&P Global Platts survey of the group’s output. Prodded by the coronavirus pandemic and oil market meltdown to implement an unprecedented 9.7 million b/d in collective cuts, the 23-country OPEC+ coalition mostly delivered. OPEC’s 13 members dropped their output to 24.32 million b/d, for a compliance rate of 82% with their prescribed cuts, the survey found. Russia and nine other partners performed better, pumping a combined 13.89 million b/d and making 91% of their cuts, bringing the whole OPEC+ group’s collective compliance to 85%, according to Platts calculations. The supply curbs are scheduled to run through July, the OPEC+ alliance announced at its June 6 meeting, as the bloc […]