Oil Glut Endures As OPEC Confirms Higher Output

OilPrice.com ------- OPEC confirmed reports that its crude oil production increase last month, reporting a daily rate of 32.869 million barrels, up by 172,600 bpd. Global commercial oil stocks in the OECD block stood at 3.033 million barrels, still above the five-year average by 252,000 barrels. Libya, Nigeria, and Saudi Arabia were the main drivers behind the OPEC production increase, with Libya raising its output by 154,300 bpd – by far the biggest increase among the cartel’s members. To learn more click on the picture below to read the article.