OPEC production drops
OPEC production fell by 890,000 barrels a day to 29.6 million in March, the Paris-based IEA said in its monthly oil market report. The group will need to pump 30.6 million barrels a day in the second half to meet demand, IEA estimated.
Global consumption is projected to rise 1.4 percent this year to an average 92.7 million barrels a day, led by gains in Asia, according to the IEA. Chinese consumption is forecast to climb 3.4 percent to 10.5 million barrels a day.