OPEC daily basket price stood at $104.50 a barrel Tuesday, 13 May 2014

OPEC daily basket price stood at $104.50 a barrel Tuesday, 13 May 2014

OPEC raised its forecast on the demand for its oil in 2014 to 29.8 million barrels per day (bpd), 110,000 bpd higher than its previous projection, the cartel said Tuesday.
In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) stated its oil output in April rose by 131,000 bpd to 29.59 million bpd, largely due to higher supply by Iraq and Saudi Arabia.

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