FXStreet (Mumbai) – Saudi Arabia maintained crude production at a record in May, helping send the Organization of Petroleum Exporting Countries (OPEC) output to the highest level since October 2012.
Saudi Arabia, OPEC’s top producer, pumped 10.25 million barrels per day (bpd) in May, unchanged from April and the most in a monthly Bloomberg survey going back to 1989.
Meanwhile, the total OEPC output climbed 67,000 barrels to 31.579 million a day this month, according to the Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 217,000 barrels higher to 31.512 million a day, because of changes to the Saudi, Iraqi and Algerian estimates.
OPEC ministers are scheduled to gather June 5 in Vienna. Analysts are predicting that there will be no policy change at the meeting and the output target will remain at 30 million bpd.
(Market News Provided by FXstreet)