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OPEC Oil Output Edges Up In April: Platts Survey

Oil production from the Organization of the Petroleum Exporting Countries rose by 250,000 barrels per day in April from a month earlier to 30.5 million barrels per day, according to a Platts survey of OPEC and oil industry officials and analysts released Monday. "The Platts estimate of OPEC production is about a million barrels per day more than what the International Energy Agency estimates is the output needed to keep supply and demand in balance," said John Kingston, Platts global director of news, in a statement. But "what looks at first like an imbalance is actually closer to normal" given that world oil markets traditionally build inventories in the second quarter. The April survey showed that OPEC's oil production is running about 500,000 barrels per day above the cartel's 30 million barrel-per-day production ceiling. OPEC's next meeting is set for May 31 in Vienna.Copyright © 2013 MarketWatch, Inc....

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