Crude oil markets have no room for additional supplies this year, the Organization of the Petroleum Exporting Countries (OPEC) said on 9 June, as it reported that its members had increased output last month.
“Although demand has seen some improvement recently, this has been more than overwhelmed by the higher growth in supply,” the Vienna- based group said in its latest market report. The cartel maintained its global demand growth forecast at 950,000 barrels per day (bpd) for 2010.
But OPEC said non-OPEC supply would rise by 640,000 bpd this year, 110,000 bpd above last months’ estimate. The group’s 12 members pumped 29.26 million bpd in May, 141,000 bpd of crude oil more than in the previous month. Iraq, Venezuela and Nigeria recorded the biggest increases.