OPEC Reaches 31.33 mb/d of Oil Supply

The supply of oil from the Organization of Petroleum-Exporting Countries (OPEC) reached its the highest level since August 2012 in May, according to the latest oil market report from the International Energy Agency (IEA).

OPEC supply in May edged up to 31.33 million barrels a day (mb/d), according to the IEA, with Saudi Arabia, Iraq and the United Arab Emirates pumping at record monthly rates to keep output 1 mb/d above OPEC’s official supply target for a third month running.

OPEC oil ministers decided last week to maintain their official production ceiling of 30 mb/d, saying that the global economic recovery and growing oil demand justified maintaining high production levels.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza