Saudi Arabia pushes OPEC output

May 30, 2012 at 10:21 AM
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RIYADH, Saudi Arabia, May 30 (UPI) -- Saudi Arabia, amid an oil price drop, pushed May oil output to its highest since 2008, cushioning an embargo on Iranian oil, Saudi officials said.

Arabia said Wednesday Saudi Arabia pumped an extra 100,000 barrels per day in May, taking output to 10.10 million barrels per day, the highest in decades.

Market analysts have warned against counting on oil producing countries to keep up with demand through the summer months and they say Iraq and Libya will not be able to sustain any output increase.

"Given sustainability concerns around current levels of Libyan output and infrastructure constraints in Iraq, it is unlikely these 2 countries will be able to raise production much further in the next couple of months," said Harry Tchilinguirian of BNP Paribas.

Arabia said supply from the 12-member Organization of Petroleum Exporting Countries has averaged 31.80 million barrels per day in May, up from 31.75 million barrels per day in April.

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