Oil prices retreat on higher OPEC production
According to analysts, rising oil production from the Organization of the Petroleum Exporting Countries (OPEC) and the Middle East has helped to cancel out supportive factors which brought oil prices above the $40/barrel threshold such as reduced output in the US and a relatively weaker dollar.
OPEC’s output rose to 32.64 million barrels per day (bpd) in April, up from 32.47 million bpd in the previous month. This new number nearly matches January’s figure of 32.65 million bpd achieved upon Indonesia’s return to OPEC.
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