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1st LD Writethru: Oil prices retreat amid supply glut worries

Xinhua, May 15, 2015 Adjust font size:

Oil prices dropped Thursday as worries persisted that global supply might surpass demand.

A Saudi official told the press that the kingdom's production rose to a record high of 10.3 million barrels a day in April.

Organization of Petroleum Exporting Countries (OPEC) decided to maintain its collective output quota at 30 million barrels a day at the Nov. 27 meeting in Vienna.

OPEC crude oil production increased by 18,000 barrels to average 30.84 million barrels per day in April, according to its monthly report.

There is no sign that OPEC plans to reverse its policy at the meeting in Vienna on June 5.

U.S. crude production added 5,000 barrels to 9.374 million barrels a day last week, still at a historic high level, according to the Wednesday weekly report of the Energy Information Administration (EIA).

EIA projected total U.S. crude oil production averages 9.2 million barrels per day in both 2015 and 2016.

Light, sweet crude for June delivery lost 62 cents to settle at 59.88 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery moved down 22 cents to close at 66.59 dollars a barrel. Endite