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May 11, 2012

IEA reports global oil supply rose 600000 bpd in April, 2012 to a record 91 million bpd

Reuters - International Energy Agency (IEA) said global oil supply rose 600,000 barrels per day (bpd) to 91 million bpd in April and was now 3.9 million bpd over year ago levels, with 90 percent of the increase coming from OPEC.


Saudi Arabia has said it pumped 10.1 million bpd last month, its highest for more than 30 years, in a bid to meet growing demand and curb oil prices, which hit a three-and-a-half-year high in March.





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