OPEC'S CRUDE OIL SUPPLY RISES TO 31.33MBPD

The supply of crude oil by Organisation of Petroleum Exporting Countries (OPEC) in May edged up 50, 000 barrels ber day (bpd) to 31.33 mbpd, the highest since August 2012, he International Energy Agency, has said.

According to the agency, Saudi Arabia, Iraq and the UAE pumped at record monthly rates to keep output over 1 mb/d above OPEC’s official supply target for a third month running. Oil ministers agreed to maintain that target at their 5 June meeting

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