OPEC 10 stay above limit says survey

OPEC producers did not improve adherence to output limits in May, leaving the cartel still substantially in excess of official…

OPEC producers did not improve adherence to output limits in May, leaving the cartel still substantially in excess of official targets, according to a Reuters survey.

Supply rose slightly to 27.76 million barrels a day, up 20,000 bpd on the month, the survey of officials and OPEC monitors found.

Production from 10 OPEC states with output quotas, excluding Iraq, rose 50,000 bpd to 24.93 million.That was 730,000 bpd above official May limits of 24.20 million, increasing leakage from 680,000 bpd in April.

Data from Nigeria showed a 110,000 bpd jump in production to make Abuja, after losses earlier this year from community disturbances, one of OPEC's biggest leakers.

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Small increases also were recorded for Saudi Arabia, the United Arab Emirates and Algeria.OPEC at a meeting this week left its official output target unchanged for June at 24.21 million barrels a day.Ministers scheduled an emergency meeting for July 3rd to consider whether more oil might be needed to compensate for the stoppage by Iraq of its U.N.-administered sales.

Baghdad halted supplies on Monday in protest at a UN vote to extend its oil-for-food exchange with Iraq by only a month to discuss a revised package of Gulf War sanctions.

The UN vote on the proposals, which would seek to crack down on Iraqi smuggling, is due on July 3.

In May, Iraqi exports under the UN scheme averaged 2.14 million bpd versus 2.17 million in April.