OPEC recent report shows no change in its oil production in May 2011

According to the recent Organization of the Petroleum Exporting Countries report the OPEC oil production remained unchanged in May compared to April 2011:

OPEC’s crude oil production remained nearly unchanged in May as it reached 28,974 thousand bbl/d compared to 28,803 thousand bbl/d in April. Libya’s oil production is still very low at 169 thousand bbl/d compared with an average of nearly 1.6 million bbl/d back in 2010.

During May, Saudi Arabia kept its oil production quota at nearly 8.8 million bbl/d – a similar level to its oil production quota in recent months.

The global oil supply averaged in May at 86.77 million bbl/d, which is roughly 0.14 million bbl/d above the average in April.

The oil supply of non-OPEC countries is estimated to reach 52.92 million bbl/d in 2011, an increase of 0.66 million bbl/d compared with 2010.

The worldwide crude oil demand is estimate to grow in 2011 by 1.4 mb/d to an average of 88.1 million bbl/d compared with 2010’s average. The rise in demand is driven mainly from the non-OECD countries with China leading the front with an estimated growth of 6.71% from 2010 to 2011 in daily oil consumption.

Non-OECD countries’ demand is estimated to increase by 0.61 mbbl/d in 2011 to 27.44 mb/d.

OECD countries’ total oil demand is estimated to rise by only 0.25% or 0.12 mbbl/d in 2011, compared with 2010 to 46.26 mbbl/d.

The recent earthquake and tsunami in Japan caused a decline in demand for oil; the uncertainty in the US economy’s progress is also among the reasons for the expected drop in crude oil demand for the rest of 2011.

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