• OPEC oil output to rise in May


    Survey: OPEC oil output to rise in May

    LONDON: OPEC oil output is expected to rise in May chiefly due to extra oil from Saudi Arabia, Nigeria and Iraq, a Reuters survey found on Friday.
    Supply from all 12 members of the Organization of the Petroleum Exporting Countries is expected to average 28.90 million barrels per day (bpd) this month, up from a revised 28.79 million bpd in April, the survey of oil companies, OPEC officials and analysts found.
    Despite the increase in OPEC supplies, output remains well short of what it was earlier this year, before the Libyan conflict slowed that country’s production to a trickle.
    OPEC meets to review its oil output policy on June 8 in Vienna.
    The group has not officially changed its policy for more than two years since cutting output by a record 4.2 million bpd in December 2008 as prices fell and recession destroyed demand.

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