OPEC pumps 30.93m bpd, expects marginally improved market share
The Organization of the Petroleum Exporting Countries (OPEC) posted its oil production total at 30.93m barrels per day (bpd) in April, up 210,000 bpd from March, in its final monthly output report before the cartel meets to review its output.
The biggest single increase came from Saudi Arabia, while smaller increases came from Iran, Iraq, Kuwait, Libya and Nigeria.
With April’s output nearly 1m bpd above the 30m bpd production ceiling in place since the beginning of 2012; OPEC ministers will meet to review output at its secretariat in Vienna, Austria on 5 June.
Saudi Arabia’s oil minister Ali Al-Naimi said last month that his country was bullish on Asian demand and was placing itself to meet it. He also said Saudi Arabia was willing to help restore stability to world oil markets but only if “major non-OPEC producers” were also ready to participate.
Elsewhere in the monthly report, OPEC also forecast its market share to rise, albeit marginally, over the short-term. The cartel said in the third and fourth quarters of the current year, demand for its crude oil would average 30.29m bpd and 30.71m bpd respectively, up from previous forecasts of 27.78m bpd and 28.25m bpd.