A solid increase from 5.76mbpd in 2013. Core OPEC (Saudi Arabia, Kuwait, UAE) spare capacity stands at 1.5 mboepd.OPEC production quota rolled over at 30.0 mboepd. This is consistent with defending a $100/bbl floor and the average breakeven price at $90/bbl.Latest OPEC production figures (April) show record production at 30.5 mboepd in line with OPEC estimates and targets.
Saudi Arabia crude production 9.3 mboepd – which is 0.3 mboped above the implied quota – is likely to increase further in the coming months to meet increased seasonal demand in the US and from domestic power sector. This does not affect exportable capacity, which stands at record levels.