The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday says a long-awaited rebalancing of the oil market is under way at a “slower pace”.
According to the its monthly report, OPEC said its output rose by 336,000 barrels per day in May, to 32.14 million barrels per day, led by a rebound in Nigeria and Libya, which are exempted from supply cuts.
However, the group lowered the estimate of oil supply growth from producers outside the group this year to 840,000 BPD from a previous forecast of 950,000 barrels per day and raised the expected demand for its crude this year by 100,000 BPD to 32.02 million barrels per day.
The OPEC production figures are for 13 members excluding Equatorial Guinea, which joined the group in May.
