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OPEC likely to maintain output policy next month

: Wednesday, May 14 - 2014 @ 02:26

The Organisation of the Petroleum Exporting Countries (OPEC) has said its current oil output is helping to meet global demand fully and leading to a balanced market in 2014, a further sign the exporter group is unlikely to alter output policy at a June meeting, Reuters has reported. OPEC also raised the forecast demand for its crude oil in 2014 to 29.76 million barrels per day (bpd), up by 110,000 bpd from the previous estimate. “Along with the ongoing increase in non-Opec supply, current Opec production will contribute to fully meet expected demand, resulting in a fairly balanced market this year,” OPEC said in its monthly report.

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Wednesday, May 14- 2014 @ 2:26 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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