OPEC April supplies falls less than March

Posted by: Religare
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OPEC April supplies falls less than March
The international oil and gas body, Organization of the Petroleum Exporting Countries (OPEC) has recently reported that it pumped on an average of 26.18 million barrels per day (bpd) in April with restricted by production quota agreements.

The figure for April was 344,000 bpd less than that of March.

The U.S. government has blamed the rising crude prices to be the main reason for the decline in pumping in April. However, many believe that fundamental supply and demand as a factor in the recent has increased.

Besides, soaring energy prices were supported by depreciation in the U.S. dollar, rising demand and disruptions from the conflict-affected regions like in Libya.

On the other hand, Iraq, although an OPEC member, doesn't participate in OPEC quota agreements.

Read more about: opec, oil and gas, inflation, mena
Story first published: Thursday, May 12, 2011, 12:30 [IST]
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