The Organization of Petroleum Exporting Countries will continue increasing output of oil, despite an oversupply, projecting an increased demand 80,000 barrels per day higher for this year than anticipated. For the month of March, OPEC produced an average of about 30.79 million barrels per day — an increase of 810,000 thousand bpd. “Crude oil output increased mostly from Saudi Arabia and Iraq, while Libya saw a return of about 165 [thousand barrels per day] from shut-in wells in active oil fields,” OPEC states in its monthly oil market report . Non-OPEC oil supply is expected to grow by 680,000 barrels per day, up from the previous month. The organization projects U.S. shale oil and Canadian oil sands output is expected to see lower growth due to […]