OPEC output at highest level in 2012
Published: June 12, 2012 at 6:30 a.m. ET
Sarah Kent
OPEC Tuesday disclosed its members continue to pump oil at levels not seen since 2008 as the most recent production figures show the group's output rising to its highest this year, leaving the market amply supplied.
In its latest monthly market report, the Organization of Petroleum Exporting Countries said its crude production was 32.964 million barrels a day in April, up 631,000 barrels a day from the previous month.
The number, based on disclosures by OPEC members, is above market requirements, indicating the group continues to act to dampen prices which have remained well above its ideal level of $100 a barrel for much of the year.
However, a recent decline in prices could see the group ease its production. Disclosures by OPEC members showed OPEC's largest producer, Saudi Arabia, reduced its output to 9.8 million barrels a day in May from 10.1 million barrels a day in April. The data showed most other producers also decreased their output slightly in May.
The group maintained its view on global oil demand growth at 0.9 million barrels a day, but said that economic uncertainty made further declines in demand a possibility in the second half of the year.
"The upcoming driving season might be affected by movements in retail gasoline prices and economic developments worldwide; hence, world oil demand would show a further decline and might see a cut of between 0.2 and 0.3 million barrels a day from the current forecast of the year's total growth," OPEC said.
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