With a production capacity of about 600,000 barrels per day, Qatar's crude oil output, one of OPEC's smallest, is dwarfed by the near 10 million bpd churned out by the cartels de-facto leader, Saudi Arabia. Still, Brent crude oil futures had risen 48 cents, or 1 percent, to $50.43 per barrel by 0713 GMT. Despite this, there are doubts that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to curb production by almost 1.8 million bpd was seriously denting actual exports. While there was a dip in OPEC supplies between February and April, a report on Monday by Thomson Reuters Oil Research said that OPEC shipments likely jumped to 25.18 million bpd in May, up over 1 million bpd from April. "Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising US oil production," ANZ bank said on Monday.

Source: bd News24 June 05, 2017 06:22 UTC