Saudi Cuts Oil Output in May to 9.8 Mln Bpd

Source: Reuters 6/9/2012, Location: Middle East

Top oil exporter Saudi Arabia pumped 9.8 million barrels per day (bpd) of crude oil in May, cutting output by 300,000 bpd from the month before, an industry source said. The Saudi kingdom's oil production was 10.1 million bpd in April, its highest for more than 30 years, as it bid to meet growing demand and curb oil prices.

Members of the Organisation of Oil Exporting Countries (OPEC) will meet on June 14 in Vienna to review output policy.

The Saudi kingdom supplied 9.9 million bpd to the market in May, the source said. Supply was higher than production as the extra 100,000 bpd came from storage.

Oil prices slipped on Friday as the euro zone's debt crisis and dimming hopes for U.S. monetary stimulus reinforced concern about petroleum demand, but disappointment about talks between Iran and the U.N.'s nuclear agency limited losses.

Brent crude was trading just under $99 per barrel on Friday after dropping to a 16-month low below $96 a barrel last week.

Separately, Iran blamed Saudi Arabia, Kuwait and the United Arab Emirates for the decline in global crude prices and accused the Gulf Arab states of over-producing, state news agency IRNA reported on Saturday quoting Iran's OPEC governor Mohammed Ali Khatibi.

Ahead of the OPEC meeting, Algerian Oil Minister Youcef Yousfi said in Kuala Lumpur the market could cope with a drop in Iranian supply.


Netherlands/Holland >>  7/6/2022 - The independent energy firm Parkmead is happy to share the following trading update regarding the operation of its Dutch gas assets for the year end...
Tanzania >>  7/6/2022 - Orca Energy Group Inc. announces its intention to commence a Normal Course Issuer Bid (the “Bid“) for purchase of its Class B Subordinate Voting Share...

United Kingdom >>  7/6/2022 - Getech, a provider of renewable hydrogen and geoenergy, has won new business worth $2.15 million. These include the selling of geoscience data as well...
Norway >>  7/5/2022 - Electromagnetic Geoservices ASA ("EMGS") is pleased to announce that the Company has secured approximately USD 3.8 million in revenue from uplifts r...

United Kingdom >>  7/5/2022 - NextEnergy Solar Fund, the specialist renewable energy investment company, is pleased to announce it has signed a two-year extension to its existing £...
United Kingdom >>  7/5/2022 - Mast Energy Developments Plc, the UK-based multi-asset owner and operator in the rapidly growing Reserve Power market is pleased to announce an update...

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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.