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OPEC’s crude oil production increases in May

by ChemOrbis Editorial Team -
  • 10/06/2015 (17:10)
According to the cartel’s monthly oil market report, total crude oil production in the Organization of the Petroleum Exporting Countries (OPEC) increased in May. Total crude production from OPEC countries increased by 24,000 barrels per day in May from a month earlier to reach 30.98 million barrels mostly because of higher output from Iraq and Angola.

Iraq reportedly produced 3.8 million bpd in May, up from 3.695 million barrels in the previous month. Saudi Arabia, the world’s largest oil exporter, also raised its oil production to 10.333 million bpd from April’s 10.308 million bpd.

Meanwhile, the cartel’s latest monthly report stated that they decided to maintain their oil demand growth forecast steady for 2015 at 1.18 million bpd and added that they also expect demand for its own oil to rise by 300,000 bpd to 29.3 million bpd for this year.

However, OPEC reportedly expects oversupply for crude oil to lower to 2 million bpd over the upcoming quarters.
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