OPEC: Saudis continue to flood oil market
OPEC says Saudi Arabia continues to flood the international market with its oil at the highest production levels in three decades.
According to Organization of the Petroleum Exporting Countries, the kingdom produced 10.33 million barrels of oil per day in May, an increase of 25,000 bpd versus the month before.
The new data came as part of a monthly report released on Thursday by the 12-nation international oil organization.
Saudi Arabia has been the biggest contributor to the market glut with its crude, sending prices into a tailspin in recent months.
The price crash has impacted economies of many oil producing nations, including Saudi Arabia which relies on crude as the biggest source of income.
Collectively, the group supplied the world with 31 million barrels of oil a day last month which was the highest level in three years.
Earlier this month, OPEC decided to maintain oil production, despite pressures from within the organization to trim output.
Most members say suppliers should sell less in order to curb surplus of oil in the international market.
In its latest report, OPEC said the current oversupply in the market is likely to ease over the coming quarters. The group said it expects non-OPEC supply to decline in the second half of 2015, compared to an increase in the first half.
The organization is set to meet again later this year to set oil production quotas in December.
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