Photo: Paul Keller via flickr
According to a Reuters survey, output from OPEC countries has reached a four-year high on the back of increasing production from Iraq and Libya.Average OPEC supplies reached 31.75 million barrels per day (bpd) in April, the highest level since September 2008 and an increase from a revised 31.32 million bpd in March.
The output “more than compensates for the lowest Iranian supply in two decades ahead of an EU embargo.”
In Iraq, the opening of a new Gulf shipping port increased capacity by 230,000 barrels per day.
Meanwhile, production in Libya has recovered after being virtually shut down during last year’s uprising.
Light crude prices were down -0.72% this morning.