OPEC crude production climbed in May for the first time in three months, led by gains in Angola and Saudi Arabia, a Bloomberg survey showed, Bloomberg said on May 29.
Output from the 12-member Organization of Petroleum Exporting Countries rose by 75,000 barrels a day to an average 29.988 million, according to the survey of oil companies, producers and analysts. Last month’s total was revised 50,000 barrels a day higher to 29.913 million because of changes to the Saudi Arabian and United Arab Emirates estimates.
Members increased production as the International Energy Agency projected further increases will be needed to meet demand during the second half of the year. The IEA said in a May 15 report that OPEC will need to provide an average of 30.7 million barrels a day in the last six months of 2014.
Copyright: Bloomberg, 2014