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OPEC raised crude output in May

: Sunday, June 01 - 2014 @ 00:28

Crude production by the Organisation of Petroleum Exporting Countries (Opec) rose in May for the first time in three months, led by gains in Angola and Saudi Arabia, Bloomberg has reported. Output from the 12-member Opec rose by 75,000 barrels a day to an average 29.988 million. Members increased production as the International Energy Agency (IEA) projected further increases will be needed to meet demand during the second half of the year. The IEA said in a May 15 report that Opec will need to provide an average of 30.7 million barrels a day in the last six months of 2014. Saudi Arabia, the group’s biggest producer, bolstered output by 70,000 barrels a day to 9.67 million, the first gain this year. The kingdom pumped 10 million barrels a day in September, the most in monthly data going back to 1989. Local crude burning is ramped up, as temperatures rose in the country during the month.

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Sunday, June 1- 2014 @ 0:28 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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