OPEC will need to pump more crude in the second half of the year to meet demand after its production plunged to a five-month low in March, according to the International Energy Agency . Supplies from the Organization of Petroleum Exporting Countries “plummeted” by 890,000 barrels a day to 29.62 million barrels a day in March, the Paris-based IEA said today in its monthly oil market report. That’s below OPEC’s collective 30 million production target and means the group will have to increase output in the second half of the year, it said. “OPEC supply actually registered a steep drop in March from February highs, but this setback looks likely to be short-lived,” the IEA, an adviser to oil-consuming nations, said. “Prospects for OPEC output are also on the rise – though not without considerable political risk.” Brent crude oil prices have dropped 3.2 percent this year to trade […]