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OPEC output falls to 5 year low

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Here is what I am most fascinated by. So I read Twilight in the Desert and followed Matt Simmons religiously back in the early part of this century and I am wondering if that last production push didn't start the cliff type decline associated with big fields when they finally give out?  I guess it's hard to say for sure but this is a month when production normally increases because of oil consumption for producing additional electricity needed for cooling in the hot summer months.  The good news is that they will surely be forced to draw down their storage as a result.

Saudi production fell to 9.65mn b/d in May — more than 650,000 b/d below its 10.3mn b/d target and the lowest since December 2014. The country's production has now dropped by a staggering 1.45mn b/d since November, when it ramped up output to a record 11.1mn b/d as a pre-emptive move to offset an anticipated supply shortfall because of US sanctions on Iranian crude exports that took effect on 5 November.

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