Last week, the oil cartel agreed to keep its spigots open for at least another six month, maintaining a 30 million barrels per day target. However, OPEC has been running over 1 million barrels per day above its official target for the past three consecutive months. [Oil ETFs: Iraq, OPEC Maintaining Higher Exports]
“OPEC is likely to keep pumping at around 31m b/d during the coming months as Middle East producers sustain higher rates to preserve market share and meet summer domestic demand,” the IEA added.
United States Oil Fund
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Max Chen contributed to this article.