OPEC Keeps Output Level Below Second-Half Demand Forecast - Bloomberg

OPEC Keeps Output Level Below Second-Half Demand Forecast - Bloomberg:



"OPEC, which supplies about 40 percent of the world’s crude, kept its production target unchanged in a widely anticipated move that left the group’s output below forecast demand for the rest of the year.



The Organization of Petroleum Exporting Countries reaffirmed yesterday its production ceiling of 30 million barrels a day for a fifth consecutive meeting. The group forecasts demand for its crude of 30.4 million barrels a day in the coming six months, while its 12 members produced 29.6 million barrels a day in April, the organization’s data show.



OPEC ministers said at a meeting in Vienna that they were at ease with supply and demand in global oil markets. While the formal limit remains unchanged, the burden will fall to Saudi Arabia to increase output to meet higher demand in the second half as political turmoil constrains Libyan output and sanctions curb Iranian exports, according to Barclays Plc, Societe Generale SA and Energy Aspects Ltd."



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