• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 30 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 day "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 3 days ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 1 day Wind droughts
  • 8 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 2 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 hours Australian power prices go insane
  • 4 days Xi Is Set To Be Re-Elected As China’s Leader
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day Europeans and Americans are beginning to see the results of depending on renewables.
  • 12 days Oil Prices Fall After Fed Raises Rates
Azerbaijan And Armenia Aim To Draft Peace Treaty

Azerbaijan And Armenia Aim To Draft Peace Treaty

Following clashes on the Armenian-Azerbaijani…

Europe Is Betting Big On Geothermal Energy

Europe Is Betting Big On Geothermal Energy

Europe is set to spend…

OPEC Output Jump Highest Since 2008

OPEC countries produced 32.44 million barrels per day of oil in April, indicating a 188,000 bpd increase over the month before, while forecasting that the supply glut will last over the course of 2016.

The March to April jump in output is said to be the highest since 2008.

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.

Related: EPA Launches New Methane Rules For Oil And Gas

''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.

Related: Iran Hits Saudis Where It Hurts, Offers Discounts On Asian Crude

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.

OPEC also reduced its forecast for non-OPEC oil production by 10,000 barrels per day.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News