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Oil oversupply due to shale oil output rise, not Opec
[KUWAIT] Oversupply in the global oil market is due to slow demand and a rise in production from shale oil, but not from Opec, Kuwait Opec Governor Nawal al-Fuzaia said on Monday.
Mr Fuzaia, speaking at an event in Kuwait city, said Opec production had not increased by more than 200,000 to 400,000 barrels per day above its 30 million bpd cap since 2011.
Opec said its oil output rose further in April by 18,000 bpd, due to record output in top exporter Saudi Arabia and increases in Iraq and Iran.OPEC ministers next meet on June 5.