OPEC-10 production hits 29.7-mil b/d,president says

摘要

Crude production by the 10 OPEC members bound by quotas has risen to 29.7-mil b/d against a formal ceiling of 27.5-mil b/d while oil prices have started to move lower on US economic data and increased supplies,OPEC president Sheikh Ahmed Fahed al-Sabah said May 2."Our latest information is that OPEC production now,that is the OPEC-10,is 29.7-mil b/d," Sheikh Ahmed told reporters in Kuwait City.He said as a result of the excess production,there was oversupply of 2-mil b/d on markets.