Sources - OPEC, Bloomberg
OPEC production rose sharply in March compared to the previous month. The majority of the rise in OPEC's production came from two of its members where output is most volatile, namely Iraq and Libya
Last month's increase in supply from OPEC just adds to the glut of oil already in the market. And although the cartel has also boosted its demand estimates for this year, global supply should still be greater than demand, meaning that stocks should continue to build over the year.
"We expect the cartel to keep production around this level for the next year, but lower growth in non-OPEC output and higher demand should put some upward pressure on oil prices. Our end-2015 and end-2016 forecasts for a barrel of Brent are $60 and $65 respectively." says Capital Economics
