OPEC keeps pumping at record rates.

Global oil demand growth is expected to slow in 2016 from a five-year high in 2015, according to the International Energy Agency's (IEA) latest report, but no one seems to have told the Organization of Petroleum Exporting Countries (OPEC) which keeps pumping at record rates.

Oil prices have been through a period of volatility and decline for more than a year now, with benchmark Brent crude falling from a peak price of $114 a barrel in June 2014 to trade around $50 a barrel this week.

OPEC's decision (albeit one led primarily by Saudi Arabia) not to cut production last year in a bid to support prices was widely seen as a strategy to defend its market share in the face of increased competition from shale oil producers in the U.S.

The strategy appears to be paying off with U.S. producers, who have higher production costs than their OPEC counterparts, closing oil rigs and canceling drilling projects.

In the meantime, a defiant OPEC has been pumping at record rates, often exceeding its 30 million barrels a day production ceiling. This despite calls from some of its members, such as Venezuela and Libya whose governments are struggling with lower oil revenues, to cut output to help lift prices.

We present to you a table of volume, capacity, expectations and other OPEC's production data.

Jr.Trader-G.Bozhidarov