Oil cartel says it will need to pump more oil than previously thought in second half of 2013
OPEC will need to pump more oil than previously thought to balance the market in 2013 and expects global consumption to be much higher in the rest of the year, the group said in a report ahead of its meeting to set policy on May 31.
The Organisation of the Petroleum Exporting Countries in a monthly report forecast 2013 demand for its crude will average 29.84 million barrels per day (bpd), up 90,000 bpd from the previous estimate.
The 12-member group's own production rose by 280,000 bpd in April to 30.46 million bpd, according to secondary sources cited by the report, led by higher output in Saudi Arabia and Iraq.
OPEC left its forecast for growth in world demand in 2013 unchanged at 800,000 bpd and warned of downside risks to the forecast.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.