Gulf Oil and Gas accountACCOUNT

OPEC Sep Supply Seen Dn 400,000 B/D on Mo-Petrologistics

Source: 9/22/2006, Location: Middle East

Oil supplies from the Organization of Petroleum Exporting Countries fell 400,000 barrels a day on the month to 30.2 million b/d in September, according to preliminary figures from tanker tracker Petrologistics Friday.

Saudi Arabia and Iran led the fall in output. Petrologistics head Conrad Gerber said the kingdom produced 9.05 million b/d in September compared with 9.27 million b/d in August.

Saudi Oil Minister Ali Naimi said in June that OPEC's biggest producer had reined in output to 9.1 million b/d in April from 9.5 million b/d on lower demand.

"Saudi Arabia could be producing more, but some of it could be going into storage," Gerber said.

Iran's output, which peaked in July at 4.2 million b/d when the Islamic Republic sold oil from floating storage, is at 3.9 million b/d in September, Gerber said. Iran supplied 4.0 million b/d in August.

Gerber pegged Nigerian oil supplies at 2.35 million b/d - a 20,000 b/d increase on August. OPEC's only west African member has had some 500,000-600,000 b/d of production shut in for several months due to militant attacks in the restive oil-rich Niger Delta and pipeline leaks.

Iraq, the only member without a quota, produced 2.2 million b/d in September compared with 2.1 million b/d in August as more crude was exported from northern oil fields around Kirkuk.

OPEC output by the 10 members subject to a quota was at 28 million b/d. OPEC ministers have expressed concern about falling oil prices and indicated that a cut in the production ceiling could be on the horizon in the near future.

Gerber said that even at 30.2 million b/d OPEC was producing more than the market needed."In August they were supplying 30.6 (million b/d) and that was too much and now they are at 30.2 which is okay, but still more than is needed," he said.

U.S. benchmark oil futures have slumped over $17/bbl since a high of $78.40/bbl in mid July. Friday, U.S. light sweet crude fell to a low of $60.51/bbl.

Financials and Investment News in Saudi Arabia >>

France >>  3/5/2021 - CGG, a world leader in Geoscience, announced its fourth quarter and full year 2020 audited results. ...
Cameroon >>  3/4/2021 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, is pleased to announce a further extension of its Loan Facility ("Fa...

Canada >>  3/4/2021 - TC Energy Corporation announced that TransCanada Trust (the Trust), a wholly-owned financing trust subsidiary of TransCanada PipeLines Limited (TCPL),...
Germany >>  3/4/2021 - - 227,213 metric tons of certified palm oil and palm kernel oil sourced representing 100 percent of procured material
- Almost 95 percent of glo...

United States >>  3/4/2021 - -Northern Oil and Gas, Inc. announced the expiration and final tender results of its previously announced cash tender offer (the “Offer”) for any and ...
Denmark >>  3/3/2021 - DNV has supported Hapag-Lloyd in obtaining financing for six of its highly efficient containership newbuildings according to the Green Loan Principles...

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 

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

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.