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In May, global oil supply increased by 520,000 bpd to 86.13 million bpd. IEA has again lowered its 2008 global oil demand forecast, this time to 86.8 million bpd, 80,000 bpd below April’s estimate, following the price reduction of subsidies in several non-OECD countries. OPEC supply averaged 32.3 million bpd, 395,000 bpd higher than in April, on increased output from Saudi Arabia, Nigeria and Angola. Also, Iraqi output reached a six-year high at 2.5 million bpd.
West Texas Intermediate (WTI) crude oil prices have steadily increased in May, going from $113 to $133 per barrel over the first three weeks, averaging $125.40 per barrel for the month.
Saudi Arabia’s Oil Minister Ali al-Naimi announced in mid-May that the Kingdom had already increased output by 300,000 bopd. The Kingdom also announced that it intends to increase output by another 200,000 bpd in July.
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