Opec’s crude output climbed last month, as oil prices surged but economic recovery remained elusive, the group controlling 40 per cent of the world’s oil supply has confirmed.
The developments, outlined yesterday in the latest Opec monthly oil market report, increase pressure on the 12-member oil exporters’ group to maintain discipline to mop up a glut on the international market.
“Efforts to reduce the excess supply is the key factor in supporting market stability and should help to gradually bring commercial inventories back to more healthy seasonal levels by the end of the year,” Opec said in the report.
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