Brent oil prices open today’s trading session back under $123 a barrel after falling over two percent on Tuesday, even though oil supply data released by OPEC showed that once again, OPEC oil output dipped lower.<\/p>\n
Latest Brent Oil Price<\/strong><\/p>\n In London, Brent crude oil futures for June 2011 delivery was trading at $122.39 a barrel, 07.05 GMT this morning on the ICE Futures Exchange. The Brent futures contract closed yesterday down 2.2 percent at $122.42.<\/p>\n OPEC Oil Output Falls Again<\/strong><\/p>\n OPEC output fell for a third month in April as fighting in Libya and field maintenance in Angola cut supplies, despite extra oil from Saudi Arabia and Nigeria.<\/p>\n Supply from all 12 members of OPEC averaged 28.42 million barrels per day, down from a revised 28.48 million in March, the survey of oil companies, OPEC officials and analysts found.<\/p>\n Saudi Arabia Oil Production Cut<\/strong><\/p>\n Top world exporter Saudi Arabia’s output in March was 700,000 barrels per day lower than first estimated. The kingdom cut oil production in March due to oversupply, Saudi Oil Minister Ali al-Naimi said on 17th April.<\/p>\n “Production was around 8.5 million bpd in April and the reason we raised output is because there was higher demand.” a Saudi based industry source said on Sunday.<\/p>\n OPEC member countries oil output has fallen for three months since reaching 29.63 million barrels per day in January, the highest since December 2008.<\/p>\n OPEC does not provide timely official production figures, so the oil industry relies on supply estimates from news agencies, consulting firms and organizations such as the US IEA (International Energy Agency).<\/p>\n<\/p>\n