Opecs spare output capacity would equal at least 3 million barrels a day should its members produce about 30 million barrels a day this year, the OPEC Secretariat in Vienna wrote in the e-mailed statement. At 10%, this should be sufficient as it is in line with the last 15-year average.
New York crude oil futures were trading at about $70 a barrel on Wednesday after reaching a record $75.35 on April 21. This years 15% gain has been spurred by export-losses in Nigeria and tensions surrounding a nuclear program in Iran, the Middle Easts second-largest crude producer. Limited spare capacity in crude oil production and oil-refining worldwide has also underpinned prices, traders and analysts say. World oil consumption will increase by 1.38 million barrels a day, or 1.65% this year, Opec said.
Crude oil production from the 11 Opec members rose 164,100 barrels a day last month to 29.8 million barrels a day, according to the average of several secondary sources monitored by the group, including news agencies and independent analysts, the report said.