OPEC Intentions

Saudi Arabia told the recent OPEC Summit that in May the Kingdom produced a record 10.33 million barrels a day. ”OPEC decided on June 5 to persist with a strategy of maintaining production, insisting suppliers outside the group should be the ones to curb a surplus." OPEC predicts that crude supplies from nations outside of OPEC will experience only “one third of the growth witnessed in 2014.” Further predictions are that production from North Dakota’s Bakken and Texas’s Eagle Ford will shrink 1.3 percent to 5.58 million barrels a day in June.