30 Apr 2015
OPEC output rises in April – Reuters survey
FXStreet (Mumbai) - The Reuters survey on Monday showed the OPEC output is seen rising 70kbpd in April, taking the total output to 31.04 million barrels per day (mbpd); its highest levels since November 2012.
The survey sees a slightly less was produced by Saudi, although at 10.15mbpd, the output is still at record highs. Meanwhile, Iraq, Libya and Nigeria boosted oil supplies, while Angola reduced.
The rise in the total output is hardly surprising, since Saudi Arabia has time and again reiterated that the group does not intend to curb production to support prices. Almost every other week, A Saudi oil minister or official is heard stating that the leader of the OPEC and the largest exporter of Crude in the world is ready to supply more crude if customers ask.
The survey sees a slightly less was produced by Saudi, although at 10.15mbpd, the output is still at record highs. Meanwhile, Iraq, Libya and Nigeria boosted oil supplies, while Angola reduced.
The rise in the total output is hardly surprising, since Saudi Arabia has time and again reiterated that the group does not intend to curb production to support prices. Almost every other week, A Saudi oil minister or official is heard stating that the leader of the OPEC and the largest exporter of Crude in the world is ready to supply more crude if customers ask.