OPEC deems current oil supply enough

Caracas, 11 May. AVN .- The Organization of Petroleum Exporting Countries (OPEC) maintained its forecast regarding the global oil demand in 2011, because it considers that the current oil supply is enough despite the loss of Libyan supply since other members are pumping more oil.

In the monthly report issued this Wednesday, the OPEC informed that a growth in the demand of 1.4 million barrels per day is expected this year, which is the same expectation estimated in the last report.

In 2011, the Organization of Petroleum Exporting Countries has remained firm in its position that the supply is enough, despite prices have passed 120 dollars per barrel.

“The global supply panorama stays healthy,” the report reads.

This is the last report of the bloc before the meeting on June 8 in Vienna in which production policies will be analyzed.

The OPEC”s report also explains that its oil production increased about 69,000 barrels per day to reach at 28.99 million barrels, thanks to the extra production of other members such as Saudi Arabia, Nigeria and Kuwait to counter the loss of Libya and Angola.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s