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Saudi boosts OPEC output despite price drop

Posted on 30 May 2012

OPEC oil output in May has hit its highest since 2008 as Saudi Arabia kept rates high despite a drop in prices and Iranian shipments did not fall much further ahead of an EU embargo, a Reuters survey found on Tuesday.
The increase in supplies by Saudi Arabia has helped to cushion the impact of Western measures against Iran’s nuclear programme. Still, with Iraq unable to sustain an increase in exports and Libyan output falling, analysts say further rises in OPEC supply will be harder to achieve………………………………………..Full Article: Source


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