--IEA: OPEC 10 May output 560,000 bpd, above target
--IEA: Iraq May oil output 2.78 mln bpd, dn 150,000 bpd vs Apr
--IEA: Q2 on call on OPEC, stocks revised up 100,000 bpd

By Lloyd Vassell
London, June 12 (BridgeNews) - Oil production from the Organization of Petroleum Exporting Countries, including Iraq, averaged 27.54 million barrels per day in May, down 360,000 bpd from April, the International Energy Agency said Tuesday in its latest Monthly Oil Market Report. But the IEA said oil produced by the OPEC 10, which excludes Iraq, averaged 24.76 million bpd in May, 560,000 barrels above its new output target of 24.2 million bpd, which came into effect April 1.
* * * Iraqi oil production averaged 2.78 million bpd in May, down 150,000 bpd from April, the IEA said.
On June 1, the U.N. Security Council adopted a resolution to extend Iraq's oil-for-food program for 30 days, rather than the usual six months, while members reviewed and negotiated a revised sanction plan proposed by the U.S. and U.K.
The plan, which would lift restrictions on civilian goods but lighten the control on military-related supplies and smuggling, has seen Iraq halting oil-for-food exports in protest on June 4, reducing oil supplies by around 2.1 million bpd. However, the IEA noted that indications suggest that Iraq will continue oil exports outside U.N. control to Syria, Jordan and Turkey.
Last week, OPEC ministers pledged to make up for the shortfall at their meeting in Vienna. The oil cartel is due to meet again on July 3, after deciding to leave their production targets unchanged at the latest ministerial meeting.
Among OPEC members, Saudi Arabia's crude supply, excluding the Neutral Zone, fell by 40,000 bpd to 7.58 million bpd, while Kuwaiti oil production, also excluding its Neutral Zone share, fell 10,000 bpd to 1.68 million bpd.
Neutral Zone production averaged 640,000 bpd in May. Iranian oil supply dropped 40,000 bpd versus April to 3.70 million bpd, the IEA said.
The second-quarter "call" on OPEC crude and stocks has been revised up by 100,000 bpd from April to 25.8 million bpd, following a slight reduction in non-OPEC supply, the IEA said. The overall 2001 call on OPEC and stocks remains unchanged at 27.1 million bpd. End