OPEC Thursday disclosed its members are pumping at levels not seen since the 2008 recession and said it stopped revising down its oil-demand growth forecast.
The Organization of the Petroleum Exporting Countries (OPEC) said its own production had risen in April to 31.62 million barrels per day (bpd) as Iraq ramped up and Libya’s oil industry recovered.
In its latest monthly market report, the Organization of Petroleum Exporting Countries said it is pumping enough oil to keep world markets more than satisfied and oil prices have been high largely due to geopolitical risk.
“Higher OPEC crude oil production underscores the current trend of plentiful supply in excess of market requirements.”
Secondary sources now say that OPEC pumped 1.62 million bpd above its supply target, and demand for its own oil, in April.
But production figures reported directly by OPEC members to its Vienna headquarters show even higher rates.
Lead OPEC member Saudi Arabia said it produced 10.1 million bpd in April, up 179,000 bpd from March.
And Iran told OPEC its output in April was 3.76 million bpd, steady since February, effectively denying that supply has been impacted by sanctions against Tehran.
Supply from producers outside OPEC is also on the rise, according to the report, with non-OPEC supply growth seen at 640,000 bpd this year, up 50,000 bpd on the previous forecast.
OPEC also said the decline in world oil demand growth had stopped, at least for the short-term, as the U.S. economy stabilises and non-OPEC demand continues to grow.
It said world oil demand would grow by 900,000 bpd in 2012, up 40,000 bpd from its previous assessment in April.
