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| OPEC |
Organization of Petroleum Exporting Countries (OPEC) meet in the day on June 8 in Vienna to discuss increases in oil production. news reports are preliminary suggesting Kuwait and Saudi Arabia are pushing for an increase of 1.5 million barrels per day of output to cool oil prices. West Texas Intermediate is now just under $ 100 a barrel, but most other blends are more than $ 100 a barrel. Iran, Venezuela and Iraq against the increase.
The increase appears to be based on an attempt by OPEC to restore balance between supply and demand for OPEC crude. The latest OPEC Monthly Oil Market Report (May 2011) (PDF) shows that demand for OPEC crude will average 29.9 million b / d 2011th increased production by 1.5 million b increase / production in April from 28.8 to 30.3 million barrels per day, provided that the statements made by increases in OPEC production is about and do not increase the quota level - something that no is not clear.
The increase appears to be based on an attempt by OPEC to restore balance between supply and demand for OPEC crude. The latest OPEC Monthly Oil Market Report (May 2011) (PDF) shows that demand for OPEC crude will average 29.9 million b / d 2011th increased production by 1.5 million b increase / production in April from 28.8 to 30.3 million barrels per day, provided that the statements made by increases in OPEC production is about and do not increase the quota level - something that no is not clear.
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