OPEC oil production reached its highest levels for two years in May, as near record high output from Saudi Arabia fuelled the cartel’s contribution to global markets.
OPEC production was also buoyed by increased production levels in Angola and Iraq, which outweighed plummeting figures from Libya.
Opec’s production levels rose to 31.22mn barrels per day in May, 4% over its stipulated target of 30mn bpd.
The OPEC nations will meet in Vienna on Friday, to discuss current quotas. However, analysts do not expect the cartel to alter its production targets.
“Anything but a renewed confirmation of the production target at the forthcoming OPEC meeting would be a major surprise,” Commerzbank analyst Carsten Fritsch told news site Reuters.
Of the OPEC nations, Saudi Arabia remained the biggest contributor, pumping close to 10.3mn bpd in May.
