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In spite of rebound in oil price, supply glut in global crude oil market remains persistent.
OPEC members met in Vienna to discuss their strategies related to oil market this month and left the production target 30 million barrels/day.
However that target means nothing as Saudi Arabia's oil minister rightly said, it is not possible policing around. OPEC continues to breach that target on regular basis and continues to boost production further.
The above chart shows, crude oil supply from Iraq, which this year is hovering well above its production highs.
- In April, Iraq produced about 3.8 million barrels of crude per day, much higher than 3.3 million barrel/day produced last year.
- In OPEC supply rose by 160,000 barrels/day to 31.21 million barrels/day in April. With Saudi Arabia, Iran, Libya all trying to boost production expect it to remain higher this year. May production might be as high as 31 million barrels/day.
Supply glut will be back influencing price once again, if Iran successfully concludes its nuclear deal with western powers.
Brent is currently trading at $64.7/barrel, up 3.2% today so far.
