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.
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