Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Platts Survey OPEC Pumps 29.56 Million Barrels of Crude Oil Per Day in March  Join our daily free Newsletter

MENAFN Press - 14/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Platts “ Oil production from the Organization of the Petroleum Exporting Countries (OPEC) plunged 550,000 b/d from February to 29.56 million b/d in March -- its lowest level since mid-2011 -- according to the latest Platts survey of OPEC and oil industry officials and analysts. The decline followed February production of 30.11 million b/d and was mainly attributable to insurgent attacks which shut a key export pipeline in Iraq, and a renewed downward swing in Libyan production.



Saudi Arabia also reduced output because of lower refining demand due to maintenance. The survey showed Saudi output at 9.6 million b/d, down from 9.7 million b/d in February and the lowest level since June last year, when the kingdom's output was estimated at 9.65 million b/d



Together, Saudi Arabia, Iraq and Libya accounted for 440,000 b/d of the overall drop



"The Iraqi reduction is viewed as particularly unsettling," said John Kingston, Platts global director of news. "It comes just a month after a huge jump in output that followed improvements to the country's exporting capabilities in the south. Given that the often-troubled northern pipeline continues to get hit by difficulties, I suspect the Iraqi monthly number will continue to be volatile.



Iraqi output fell by 200,000 b/d to 3.15 million b/d. The Iraq-Turkey pipeline, which carries Kirkuk crude from Iraq's northern fields to Turkish Mediterranean port Ceyhan, remained out of action more than a month after the early March attacks on the line that forced some northern production to be curtailed



Iraqi oil minister Abdul Karim Luaibi said Wednesday that the pipeline could become operational in about a week.



Average Libyan production in March slumped to 220,000 b/d from 360,000 b/d in February



In early 2013, output had recovered to around 1.4 million b/d from virtually zero in 2011 during the uprising against Moammar Qadhafi, but production has since then been a fraction of that level for the better part of a year amid continuing political unrest. Libya's oil sector has been under siege since May 2013, with production and exports disrupted intermittently by strikes, protests and port blockades



Last weekend saw the government and rebels strike a deal to reopen the Zueitina and Marsa al-Hariga oil ports, which have a combined export capacity of 180,000 b/d. Loadings have yet to resume. Other important ports, Ras Lanuf and Es Sider, remain closed. The Elephant and Sharara fields also remained shut in



Early Wednesday, OPEC secretary general and former Libyan oil minister Abdalla el-Badri said Libya could quickly restore output to around 1 million b/d. But he said pre-uprising levels would be more difficult to achieve because repeatedly shutting in wells in the country's major onshore oil fields might have damaged production facilities. Libya had been pumping approximately 1.6 million b/d before the uprising



The country's poor security situation could also hamper efforts to bring production back on stream, Badri said



Smaller production reductions came from Algeria, Angola, Kuwait, Nigeria and the United Arab Emirates (UAE), while Iran boosted output by 30,000 b/d to 2.85 million b/d



The last time OPEC production was this low was in June 2011, when the Platts survey showed output at 29.57 million b/d. Output subsequently climbed, holding above 30 million b/d until September last year



The group's current 30 million b/d crude output ceiling has been in place since January 2012. Ministers agreed in December to extend the ceiling through the first half of 2014 and to review the policy again on June 11. No individual country quotas were established



For output numbers by country, click here. You may be prompted for a cost-free, one-time-only log-in registration. For the latest OPEC news features, visit this OPEC Features link and for an OPEC guide, access this link (http://www.platts.com/news-feature/2014/oil/opec-guide/prod_table)



Additional information on oil, energy and related information may be found on the Platts website at www.platts.com.


About Platts
Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial (NYSE: MHFI), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI), a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power and McGraw Hill Construction. The Company has approximately 17,000 employees in 29 countries. Additional information is available at www.mhfi.com.

 


MENAFN Press




  MENA News Headlines
 Jan 31 2015 - Vodafone Qatar revenue up 21 percent in 9MMENAFN
(MENAFN) Vodafone Qatar's said its total revenue grew by 21 percent to USD474.59 billion for the nine months ended December 31, 2014, The Peninsula Qatar reported.The company's mobile customer base ...

 Jan 31 2015 - Qatar Airways to acquire 10 percent of IAGMENAFN
(MENAFN) Qatar Airways announced that it has bought nearly 10 percent of the parent company of British Airways and Spain's Iberia, deepening wealthy Qatar's business ties to Europe, Arab News ...

 Jan 31 2015 - Saudi RCJY signs three deals worth USD138.25mMENAFN
(MENAFN) Chairman of the Royal Commission for Jubail and Yanbu (RCJY) signed three contracts worth USD138.25 million to provide essential equipment and develop industrial zones, Arab News ...

 Jan 31 2015 - Saudi- Outspoken prince to launch pan-Arab news channelThe Peninsula
(MENAFN - The Peninsula) An outspoken, billionaire Saudi prince will on Sunday launch a pan-Arab satellite news channel aimed at challenging established networks in the region.Prince Alwaleed bin ...

 Jan 31 2015 - Qaeda in Yemen says France top enemyThe Peninsula
(MENAFN - The Peninsula) The ideological leader of Yemen-based Al-Qaeda in the Arabian Peninsula (AQAP) said Friday that France had surpassed the United States as the top enemy of Islam.With the ...

 Jan 31 2015 - Qaeda group launches assault on Western-backed Syria rebelsThe Peninsula
(MENAFN - The Peninsula) Al-Qaeda's affiliate in Syria battled Western-backed rebels Friday as the jihadists pressed their bid to seize control of northern areas, a monitoring group and rebels ...

 Jan 31 2015 - Iraq- Air strike kills IS 'chemical weapons expert'The Peninsula
(MENAFN - The Peninsula) A US-led coalition air strike killed a chemical weapons specialist with the Islamic State group in Iraq who once worked for Saddam Hussein, US military officers said ...

 Jan 31 2015 - FM honours Qatari missionsThe Peninsula
(MENAFN - The Peninsula) The second annual general meeting of heads of Qatar's diplomatic, consular and representative missions abroad ended in the presence of the Foreign Minister H E Dr Khalid bin ...

 Jan 31 2015 - Qatar- Demand for books declines as craze for movies risesThe Peninsula
(MENAFN - The Peninsula) The charm of printed words is fading away in Qatar and the craze for movies is peaking, according to report released by the Ministry of Development Planning and ...

 Jan 31 2015 - Qatar- HBKU hosts graduate students from USThe Peninsula
(MENAFN - The Peninsula) Hamad Bin Khalifa University (HBKU), a member of Qatar Foundation for Education, Science and Community Development (QF), hosted 25 faculty, staff and graduate students from ...

more...


 






Google

Internatinal Property Show

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help