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OPEC Crude Output Advances from 3-Year Low

Posted on 02 June 2014

The Organisation of Petroleum Exporting Countries (OPEC) crude production climbed in May for the first time in three months, led by gains in Angola and Saudi Arabia, a Bloomberg survey showed. Output from the 12-member OPEC countries rose by 75,000 barrels a day to an average 29.988 million, according to the survey of oil companies, producers and analysts.
Last month’s total was revised 50,000 barrels a day higher to 29.913 million because of changes to the Saudi Arabian and United Arab Emirates estimates. Members increased production as the International Energy Agency projected further increases will be needed to meet demand during the second half of the year…………………………………….Full Article: Source


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