Offshore rig OPEC countries produced 32.44 million barrels per day of oil in April, indicating a 188,000 bpd increase over the month before, while forecasting that the supply glut will last over the course of 2016. The March to April jump in output is said to be the highest since 2008. In its Friday report, OPEC noted that “persistent surplus could weigh on prices, which despite a recovery to $47 a barrel from a 12-year low of $27.10 in January, are less than half their level in mid-2014.” On the price front, the OPEC Reference Basket averaged $37.86/b in April, which represents a 9.3-percent gain, or a gain of US$3.21. Overall, this is 40 percent higher than in January. Related: EPA Launches New Methane Rules For Oil And Gas ”Oil futures surged more than 8%, with ICE Brent up $3.55 to average $43.34/b, while Nymex WTI rose $3.16 to […]