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Saudi Arabia’s oil output hits fresh record in April

by ChemOrbis Editorial Team - content@chemorbis.com
  • 13/05/2015 (13:29)
According to media reports, Saudi Arabia’s oil production posted another record in April, rising to 10.308 million barrels of oil per day (bpd) from 10.294 million bpd in the previous month. Stronger global demand, especially from Asian markets, and higher domestic consumption ahead of the summer season supported the world’s top oil exporter’s oil output. Saudi Arabia’s Oil Minister Ali al-Naimi reportedly said that the country’s oil production would remain at around 10 million bpd.

Meanwhile, oil production in the Organization of the Petroleum Exporting Countries (OPEC) also increased in April. OPEC’s oil output rose 18,000 bpd to reach around 30.84 million bpd in April.

In its monthly report released on Thursday, OPEC also announced that they raised their global oil demand growth forecast for 2015 to 1.18 million bpd from last month’s estimate of 1.17 million bpd. The group reportedly expects stronger oil demand, especially from China and Middle Eastern countries.

In addition, according to OPEC, supply from non-OPEC countries will grow by 680,000 bpd to around 57.16 million bpd in 2015.
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