The Traderszone Network

Published in TZ Latest News 15 April, 2015 by The TZ Newswire Staff

IEA Says OPEC Oil Supply Rose Most in Four Years

OPEC production climbed by the most in almost four years as Saudi Arabia, Iraq and Libya boosted output amid a stronger outlook for global oil demand, according to the International Energy Agency. The Organization of Petroleum Exporting Countries raised output by 890,000 barrels a day to 31.02 million a day in March, the biggest monthly gain since June 2011, the IEA estimated. Oil prices are 45 percent lower than a year ago, trading at $59 a barrel in London today, as OPEC maintains a policy of defending market share in response to booming U.S. shale output.

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