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OPEC pumping more oil than the market needs, output from U.S. steady

Xinhua, June 10, 2015 Adjust font size:

OPEC oil production has continued to rise beyond its output ceiling while the United States keeps its output steady, the cartel's monthly report on Wednesday showed.

The Organization of Petroleum Exporting Countries (OPEC) oil output reached 30.98 million barrels per day (mb/d), 0.98 mb/d higher than its output ceiling, according to the report.

"Crude oil output increased mostly from Iraq and Angola while production showed the largest drop in Kuwait, Libya and Nigeria," the report said.

OPEC decided to keep its oil output ceiling at 30 mb/d at last week's conference here.

However, the market demand for OPEC crude in 2015 still seems to be weak. Demand is estimated to stay at 29.3 mb/d this year, lower than OPEC's current production.

Meanwhile, the United States, the cartel's main market rival, maintained its oil output level at 13.56 mb/d in the first quarter of the year, despite the low oil price and less active oil rigs.

"On a quarterly basis, U.S. oil supply in 2015 is expected to be at 13.56 mb/d, 13.60 mb/d, 13.56 mb/d and 13.54 mb/d, respectively."

Cited by the OPEC report, according to the U.S. Energy Information Administration's weekly report, U.S. crude oil output was more or less steady in April and May.

The U.S. oil rig count fell in the first week of June, Baker Hughes' latest survey showed, marking the 26th consecutive week of declines, the report stated.

In the year 2014, thanks to the tight oil production surge, the U.S. oil output grew significantly. Endit