Despite surging oil prices, OPEC has said it is producing enough and that a U.S. economic slowdown may weaken consumption in the second quarter.
"Current OPEC production at more than 32 million barrels per day will be sufficient to both meet demand growth and contribute to further stock builds," the cartel said in its latest Monthly Oil Market Report.
OPEC, which pumps more than a third of the world's oil, has pointed to U.S. dollar weakness, speculative money inflows into the market and political tensions as key factors driving prices, rather than a lack of oil.
OPEC oil exports dipped 870,000 barrels per day in March, according to data released Tuesday by Lloyd's Marine Intelligence Unit.
$114 per barrel, and OPEC says it's all fine, it's not a supply problem, and we shouldn't worry about them. Because they're just fine. Really. Lots of oil in the ground. Pumps are going smoothly. Yep, lotsa oil. Oh look, a shiny object!
And Chinese imports didn't just jump 25% in March. Hmm...let's see if that nearly 3% (870 000/32 000 000) drop in OPEC in March exports starts a trend. I am sure they didn't just leave a bunch of $100 sitting around.