💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Oil oversupply due to shale oil output rise, not OPEC - Kuwait

Published 18/05/2015, 09:53
© Reuters. Workers clean the windows of the Organization of the Petroleum Exporting Countries OPEC headquarters in Vienna

KUWAIT (Reuters) - Oversupply in the global oil market is due to slow demand and a rise in production from shale oil, but not from OPEC, Kuwait OPEC Governor Nawal al-Fuzaia said on Monday.

Fuzaia, speaking at an event in Kuwait city, said OPEC production had not increased by more than 200,000 to 400,000 barrels per day above its 30 million bpd cap since 2011.

The Organisation of Petroleum Exporting Countries (OPEC) said its oil output rose further in April by 18,000 bpd, due to record output in top exporter Saudi Arabia and increases in Iraq and Iran.

© Reuters. Workers clean the windows of the Organization of the Petroleum Exporting Countries OPEC headquarters in Vienna

OPEC ministers next meet on June 5.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.