The Organization of the Petroleum Exporting Countries (Opec) has increased production by 2 million barrels per day (bpd) since mid-March, leaving global markets well supplied heading into the second half of the year..

The Opec is pumping at 25-year highs, with the extra supplies pushing world oil prices below $ 50 a barrel. ?Since our last meeting in Isfahan (in mid-March) until now, there is 2 million that has been added to the market,? Sheikh Ahmad al-Fahd al-Sabah said.

?When we were in Isfahan... the (Opec 10) production was 27.7 million and now our real production is 29.7 million.? The lion?s share of the extra crude is being cranked out by top exporter Saudi Arabia along with fellow producers Kuwait and the United Arab Emirates. Sheikh Ahmad had said the cartel would add 500,000 bpd of fresh supplies to world oil markets starting from May. Opec, which controls half the world?s crude exports, meets again on June 15 in Vienna to chart production strategy for the second half of the year.

The group?s official production limit is set at 27.5 million bpd. Most of the 10 Opec members with quotas ? Iraq is excluded ? are now producing at full tilt as the group seeks to encourage stockbuilding in the coming months to create a buffer for strong demand later this year. Sheikh Ahmad said that policy had met with success.

?We think the market is well supplied... and for that we think we are well prepared for the end of the second quarter and the start of the third quarter,? he said. The wave of oil has also deflated oil prices, hovering on Monday at a ten-week low just above the $ 49 mark. The cartel chief saw oil prices fluctuating between $ 45 and $ 55 a barrel, but said the producer group would accept a lower level.?I think prices will continue between $45 and $55 but we will accept less than this,? he said.