For the first time since November, total OPEC crude oil production pushed past the 30 million barrels a day (b/d) mark, according to a Platts survey. The survey showed total OPEC output climbing from 29.76 million b/d in March to 30.01 million b/d in April. Platts is a division of The McGraw-Hill Companies and a supplier of energy information worldwide.
The single biggest increase came from Iraq, which does not participate in OPEC output agreements. Iraq saw volumes rise from 1.82 million b/d in March to 2.01 million b/d in April. In spite of the production gain, “global spare oil production capacity remains worryingly tight in the face of growing demand for oil,” noted John Kingston, global director of oil at Platts.
The U.S. consumes an average of 20 million b/d of petroleum, according to the U.S. Dept. of Energy and two-thirds of that amount, or about 13 million b/d, is used for transportation.
