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OPEC: Highest Supply in 3yrs

In February OPEC countries produced 31.42 million barrel a day (mbpd) of crude oil. Slightly above the 30 mbpd ceiling agreed upon by the OPEC board in December. OPEC vows to increase oil supplies to offset any supply shortfalls the world may experience. Saudi Arabia is said to have pumped 10 million barrels per day in January, the highest in over 3 decades. OPECs (the world’s) spare capacity was estimated at 2.75 mbpd.

Read Recent Article Outlining OPECs Current Supply »

OPEC Output Rises to Three-Year High on Saudi Arabia, IEA Says
Bloomberg Businessweek | March 14, 2012

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