OPEC signals greater oil glut in 2016 as its output surges | Reuters

LONDON OPEC said the global oil market is oversupplied and signalled the glut may increase this year, as surging output from its members makes up for losses from other countries whose production has been hit by a price fall. Supply from the Organization of the Petroleum Exporting Countries (OPEC) is climbing after sanctions on Iran were lifted and an initiative with Russia and other non-members to tackle a supply glut by freezing output failed last month. OPEC pumped 32.44 million barrels per day (bpd) in April, the group said in a monthly report citing secondary sources, up 188,000 bpd from March.

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| Reuters appeared first on Firstpost.