Opec crude supply increases to 30 million b/d

Figures from the IEA report suggest Opec is likely to see spare production capacity build up over the next few years

Opec crude production increased by 200,000 barrels a day (b/d) to 30.70 million b/d in April, led by rises from Iraq. The call on Ope - the amount of crude oil the organisation needs to produce to balance global oil markets - fell by 400,0000 b/d for the second quarter of 2013 to 28.9m b/d, the International Energy Agency (IEA) said. This was driven by higher natural gas-to-liquids output from Opec and increased non-Opec supplies. Opec ministers are due to meet in Vienna on 31 May to review the market outlook. The IEA said in its Medium Term Oil Market Report that after years of tight supply, Opec is likely to see significant spare production capacity build up over the next few years. The ca