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OPEC Hikes Oil Production
Output of crude oil by the Organization of the Petroleum Exporting Countries rose to a 32-month high of 31.1 million barrels per day in May, according to McGraw Hill Financial's Platts energy data service.
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Output of crude oil by the Organization of the Petroleum Exporting Countries rose to a 32-month high of 31.1 million barrels per day in May, according to McGraw Hill Financial's Platts energy data service.
Saudi Arabia, OPEC's largest member, accounted for more than 80% of the 180,000 bpd increase last month as it continued to defend its market share.
OPEC's official production ceiling for more than three years has been 30 million bpd. But the cartel has rarely been successful in coaxing its members to adhere to quotas.
The group estimates actual demand for its oil at 29.3 million bpd. In spite of its own overproduction, OPEC predicts the world's excess oil inventories will ease by year end as petroleum from other sources slips about 1%.
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