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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC boosts oil demand estimate as Iraq pumps most since 1980

Posted on 14 March 2014

The Organization of Petroleum Exporting Countries (OPEC) bolstered forecasts for the amount of crude it will need to provide this year as the economic recovery stokes global fuel consumption. Iraq, its second-largest member, pumped the most oil since 1980.
OPEC, responsible for 40 percent of the world’s oil supply, said its 12 members will need to produce an average of 29.7 million barrels a day this year, 100,000 a day more than forecast last month. The amount required is about 400,000 barrels a day less than the group said it pumped in February, when output surpassed 30 million a day for the first time since August………………………………………..Full Article: Source


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