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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC boosts supply to six-month high; Demand forecast stable

Posted on 12 June 2013

The Organization of Petroleum Exporting Countries raised crude output in May to the highest level in six months while keeping its demand forecast for 2013 unchanged because of risks to the global economy.
OPEC increased production by 106,000 barrels a day to 30.57 million a day last month, led by gains in Saudi Arabia, the group said today in its monthly market report, citing secondary sources. Global oil demand will increase by 780,000 barrels a day, or 0.9 percent, this year to 89.7 million a day, in line with estimates in the previous report………………………………………..Full Article: Source


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