Surging supply: OPEC output reaches 25-year high

摘要

Concerns that oil supply will fail to match demand later this year have again reared their head and are evident in the market's contango pricing. Near-term worries, however, have been allayed somewhat by a build in crude stocks in the Atlantic and a rise in oil output. Initial production figures for April show a surplus of crude supply while preliminary data from Oil Market Intelligence estimate world oil production in April rose 4.2% year- on-year to 84.9mb/d while global demand climbed 2.4% on a year ago to 83.9mb/d.