OPEC, the organisation of the Petroleum Exporting Countries, is out with its June Monthly Oil Market Report.
In April, OPEC was pumping 32.964 million barrels per day, up 631k from the March. This is the highest production level since 2008.
From the report:
World economic growth expectations for 2012 remain unchanged at 3.3%. The US growth forecast has been revised down by 0.1 percentage points (pp) to 2.2%, amid a slight slowing down. The forecast for the Euro-zone is unchanged, showing a contraction of 0.4%. Japan enjoyed a solid first quarter and, hence, the yearly growth has been revised up by 0.2 pp to 2.0%. China is showing signs of being affected by the global slow-down, but remains unchanged at 8.2% due to expected stimulus measures. India experienced a significant slow-down in the first quarter and 2012 has been revised down to 6.4% from 6.9%.
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