In its Friday report, OPEC noted that “persistent surplus could weigh on prices, which despite a recovery to $47 a barrel from a 12-year low of $27.10 in January, are less than half their level in mid-2014.”
On the price front, the OPEC Reference Basket averaged $37.86/b in April, which represents a 9.3-percent gain, or a gain of US$3.21. Overall, this is 40 percent higher than in January.
“Oil futures surged more than 8%, with ICE Brent up $3.55 to average $43.34/b, while Nymex WTI rose $3.16 to $41.12/b,’’ the report said.
In terms of demand, OPEC’s earlier forecast of a 94.18-million barrel per day figure for this year still stands.
The organization noted that oil demand in 2015 was 92.98 million barrels per day, or 1.54 million barrels per day more than the previous year.
At the same time, the organization said that non-OPEC supply growth for 2016 was adjusted lower, averaging 56.4 million barrels per day. This figure represents a 0.74 million barrel per day contraction.
RT @BizWatchNigeria: OPEC Output Hits Highest Level Since 2008 At 32million Barrel Per Day – https://t.co/97jlcZwLFY https://t.co/PaiZ1jNUTM
RT @BizWatchNigeria: OPEC Output Hits Highest Level Since 2008 At 32million Barrel Per Day – https://t.co/97jlcZwLFY https://t.co/PaiZ1jNUTM
OPEC Output Hits Highest Level Since 2008 At 32million Barrel Per Day https://t.co/2NPYV67DPT
NEW POST: #OPEC Output Hits Highest Level Since 2008 At 32million Barrel Per Day https://t.co/loJnZbdV2S
OPEC Output Hits Highest Level Since 2008 At 32million Barrel Per Day https://t.co/wlv2xQVVvD