OPEC’s Stable Market Outlook Points to Status Quo at Meeting
- Group pumps 32.44 million barrels a day amid Iran gains
- Global oil industry investment to slump 50% through to 2018
Oil Outlook: Where Will It Head Next?
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OPEC kept forecasts for global oil supply and demand unchanged in its last monthly assessment before members meet to review the market.
The 13 nations of the Organization of Petroleum Exporting Countries pumped 32.44 million barrels a day in April, slightly less than will be required to meet demand in the third quarter. Production rose as gains in Iran and Iraq compensated for losses in Nigeria and Kuwait. Investment by the global oil industry through 2018 will slump to less than half the amount spent from 2012 to 2014 following the collapse in prices, OPEC said.