Gulf Oil and Gas accountACCOUNT

OPEC Output at New High in March, Despite Iran Drop

Source: Reuters 3/30/2012, Location: Middle East

OPEC oil output has risen in March to its highest since October 2008 as higher supply from Iraq and further recovery in Libya's production offset a drop in shipments from Iran, a Reuters survey found. Supply from the 12 members of the Organization of the Petroleum Exporting Countries has averaged 31.26 million barrels per day (bpd), up from 31.16 million bpd in February, the survey of sources at oil companies, OPEC officials and analysts found.

The survey found that exports from Iran are falling as some buyers stop or scale back purchases because of sanctions. Concern about Iranian supply has helped drive a 15 percent rally in oil prices this year to $123 a barrel. LCOc1

OPEC is pumping far more than its official production target of 30 million bpd but oil prices have rallied and inventories have not increased. For some, that indicates demand may be stronger than expected.

"OPEC has been consecutively increasing production over the recent months and yet this has failed to translate in a material rise of OECD inventories from their five-year lows," said Harry Tchilinguirian, analyst at BNP Paribas.

"This suggests to us that the market is not fundamentally developing a surplus."

In March, the biggest increase in OPEC supply once again came from Libya, where output continues to recover after being virtually shut down during the 2011 uprising against Muammar Gaddafi's rule.

Iraq provided the second-largest boost as exports rebounded after weather-related disruptions in February and as a new Gulf shipping outlet provided a long-awaited boost to capacity.

Despite fewer barrels from Iran, March's total is OPEC's highest since October 2008, shortly before the group agreed to a series of supply curbs to combat recession, based on Reuters surveys.

Financials and Investment News in Iraq >>

Nigeria >>  3/14/2019 - Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce...
Turkey >>  3/14/2019 - Valeura Energy, the upstream natural gas producer focused on appraising and developing an unconventional gas accumulation in the Thrace Basin of Turke...

Venezuela >>  3/8/2019 - ConocoPhillips (COP) announced that an international arbitration tribunal constituted under the auspices of the International Centre for Settlement of...
Cameroon >>  3/6/2019 - Victoria Oil & Gas Plc, the integrated natural gas producing utility company in Cameroon, is pleased to announce a 12.6 million (c.US$16.5 million) e...

Egypt >>  3/6/2019 - Petroleum Minister Tareq el Molla had talks with First Vice President of the European Bank for Reconstruction and Development (EBRD), Jurgen Rigterink...
Kuwait >>  3/4/2019 - State-owned Kuwait Petroleum Corp (KPC) has signed a memorandum of understanding with the British government for up to $3 billion in loans and credit ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.