OPEC Member States Continued to Exceed Cartel's Oil Production Quota in May

© AP Photo / Hasan JamaliA man rides a camel through the desert oil field and winter camping area of Sakhir, Bahrain, Sunday, Dec. 20, 2015
A man rides a camel through the desert oil field and winter camping area of Sakhir, Bahrain, Sunday, Dec. 20, 2015 - Sputnik International
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The Organization of the Petroleum Exporting Countries (OPEC) has decreased May oil production by 100,000 barrels a day till 32.36 million barrels still exceeding the overall cartel's production quota of 30 million barrels daily, according to the OPEC Monthly Oil Market Report for June 2016 issued on Monday.

OPEC headquarters in Vienna - Sputnik International
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MOSCOW (Sputnik) — The oil production expanded mainly in Kuwait, Iran and Saudi Arabia and declined in Nigeria, Venezuela and Iraq.

According to the cartel's experts, the demand for OPEC oil will rise in 2016 by 1.8 million barrels per day up to 31.5 million barrels. In 2015, the demand for OPEC oil was at the level of 29.7 million barrels per day.

The organization maintained its forecast for global oil demand in 2016, which is expected to grow by 1.2 million barrels to 94.18 million barrels per day.

In 2015, the global demand for oil grew by 1.54 million barrels per day, up to 92.98 million barrels according to the organization's experts. The indicator remained unchanged compared to the previous forecast.

Analysts expect that in the next couple of months the surplus of oil on the market will be smoothed and slowing of the accumulation of commercial oil reserves in the United States partially proves this trend.

Forecasts on oil supplies from non-members of the organization have not changed since 2015 when they amounted to 57.14 million barrels per day. In 2016, the experts expect production in countries outside OPEC to decline by 0.74 million barrels a day to 56.4 million barrels.

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