Platts Survey: OPEC+ Production Plunged By 670,000 Bpd In May

OPEC+ slashed its crude oil production by 670,000 barrels per day (bpd) in May, as the voluntary cuts with which the group shocked the markets in April began, the latest Platts survey by S&P Global Commodity Insights showed on Friday.   In early April, a day before a regularly scheduled OPEC+ panel meeting, the biggest OPEC producers in the Middle East and several other members of the OPEC+ pact announced a total of 1.16 million bpd of fresh production cuts between May and December 2023.   The reduction is on top of Russia’s…