Oil output at OPEC increases, says Reuters survey
Posted on: 30/Apr/2016 10:59:13 AM
The output of the Organisation of the Petroleum Exporting Countries (OPEC) is the highest in recent history. A survey conducted by Reuters says that the production increases, that have been led by Iraq and Iran, has offset strikes in Kuwait and other outages. There was no major change to output bu leading exporter Saudi Arabia.
Oil now costs $48 a barrel which is a 75% rebound from a 12 year low that was recorded in January this year. The freeze initiatives and the signs that lower prices are staring to curb higher cost supply are factors that have helped. The market is massively oversupplied. This rally doesn`t have strong legs, says an analyst.
This month, supply from OPEC has risen to 32.64 million barrels per day or bpd. According to the survey, the supply in March was 32.47 million bpd. The survey used shipping data and information from sources at oil companies and OPEC, along with consultants to arrive at the figure.
