30 Jun '11, 5pm

OPEC oil output to rise in June

OPEC oil output to rise in June

LONDON - OPEC oil output is expected to rise in June mainly due to extra oil from Saudi Arabia, Kuwait and the United Arab Emirates, a Reuters survey found on Thursday. Supply from all 12 members of the Organization of the Petroleum Exporting Countries is expected to average 29.45 million barrels per day (bpd) this month, up from a revised 29.1 million bpd in May, the survey of oil companies, OPEC officials and analysts found. The extra supply from the Gulf OPEC members will be welcomed by consumer nations concerned about the impact of oil prices well above $100 a barrel LCOc1 on economic growth and inflation. But output may be lower than expectations. Industry sources said Saudi Arabia was expected to boost production to almost 10 million bpd this month, but analysts said there was no sign yet of demand for that much crude. "I have seen no evidence that Saudi customers ha...

Full article: http://www.asiaone.com/News/Latest%2BNews/Business/Story/...

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