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Foreign News reported on June 2 that a survey showed that OPEC’s daily output in May increased by 320,000 barrels to 25.
56 million barrels, most of which came from Saudi Arabia
.
Further increases in production this month and next month have been scheduled
.
OPEC and its allies made unprecedented supply cuts when demand for crude oil fell sharply last year, and now the organization is cautiously restoring supplies
.
Saudi Energy Minister Abdulaziz bin Salman said on Tuesday that "the demand side shows clear signs of improvement
.
"
The oil market is easily absorbing the increased supply, and the price of international crude oil futures in London is already higher than $70 per barrel
.
Nevertheless, the aforementioned Saudi Energy Minister is unwilling to disclose whether OPEC will resume more idle supply after the current production increase phase ends in July
.
According to the survey, Saudi Arabia’s daily output in May increased by 350,000 barrels to 8.
46 million barrels
.
The above figures are based on ship tracking data, information provided by officials, and estimates from institutions such as Rystad Energy AS, JBC Energy GmbH, and Petro-Logistics SA
.
OPEC, which consists of 23 countries, is recovering a daily output of slightly more than 2 million barrels by the end of July
.
After completion, the organization still has millions of barrels of idle capacity per day that can be restarted when needed
.
56 million barrels, most of which came from Saudi Arabia
.
Further increases in production this month and next month have been scheduled
.
OPEC and its allies made unprecedented supply cuts when demand for crude oil fell sharply last year, and now the organization is cautiously restoring supplies
.
Saudi Energy Minister Abdulaziz bin Salman said on Tuesday that "the demand side shows clear signs of improvement
.
"
The oil market is easily absorbing the increased supply, and the price of international crude oil futures in London is already higher than $70 per barrel
.
Nevertheless, the aforementioned Saudi Energy Minister is unwilling to disclose whether OPEC will resume more idle supply after the current production increase phase ends in July
.
According to the survey, Saudi Arabia’s daily output in May increased by 350,000 barrels to 8.
46 million barrels
.
The above figures are based on ship tracking data, information provided by officials, and estimates from institutions such as Rystad Energy AS, JBC Energy GmbH, and Petro-Logistics SA
.
OPEC, which consists of 23 countries, is recovering a daily output of slightly more than 2 million barrels by the end of July
.
After completion, the organization still has millions of barrels of idle capacity per day that can be restarted when needed
.
