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OPEC Will Need to Sharply Boost Output, Says Energy Watchdog

Posted on 16 May 2014

The Organization of the Petroleum Exporting Countries will need to sharply boost its output in the second half of the year, an energy watchdog said Thursday, but the organization responded it can easily cover any new demand for its oil. The views are in contrast with concerns just a few months back that OPEC may be overproducing and risked facing an oil glut.
In its monthly oil-market report, the International Energy Agency—which advises industrialized nations on energy matters—said its most recent forecasts “call for a significant rise in OPEC production from current levels for the second half of the year.” It upgraded its estimated demand for the group’s oil by 140,000 barrels a day, to 30.7 million barrels a day, for the second half of this year………………………………………..Full Article: Source


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