OPEC’s production in April rose by 70,000 b/d over the previous month to 29.76mn b/d as Saudi Arabia boosted output. However, overall production remains below the group’s long-standing target of 30mn b/d, largely because of the continued absence of Libyan barrels.
OPEC kingpin Saudi Arabia boosted output last month to 9.66mn b/d, supplying 9.65mn b/d to markets, according to an official source. MEES estimated Saudi output in March at 9.59mn b/d and the increase in April reflects the start of the higher domestic demand season, when the kingdom’s need to burn liquid fuels for power generation kicks in, the end of maintenance on the Shaybah oil field and higher refinery throughputs. (CONTINUED - 686 WORDS)