OPEC Pumps More Oil as Iraq Boost Offsets Iran Decline, IEA Says


15/04/2012 22:33 AST  Bloomberg

OPEC’s crude oil production rose to the most in more than three years in March as Iraq boosted output and offset a decline in Iranian supply, according to the International Energy Agency.

The 12 members of the Organization of Petroleum Exporting Countries pumped 31.43 million barrels a day of crude last month, up from a revised 31.29 million in February, the Paris- based IEA said in its monthly Oil Market Report. That exceeds the group’s 30 million output ceiling set in December.

“Increased output by Iraq, Libya, Kuwait and the United Arab Emirates more than offset declines in Iran, Angola and Nigeria,” the IEA said. The advance counters “exceptionally reduced non-OPEC supplies” in Sudan, Syria, Yemen, the North Sea, Canada and Australia, the agency said.

Saudi Arabia, the world’s largest crude exporter, maintained production close to a three-decade peak at 10 million barrels a day in March, unchanged from the previous month, the agency said.

“The kingdom is well placed to meet incremental global refiner demand from May onwards after April’s seasonal low in throughputs,” the IEA said. “Output is expected to trend higher over the next few months judging by customer nominations and tanker loading forecasts.”

For more on this Click Here

Crude Oil News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP
Most Viewed Companies
Ticker Price Volume
MESC 20.38 2,544,546
RIBL 21.69 921,426
EMAAR 11.05 10,764,006
WALAA 35.34 4,900,612
SAGRINSURANCE 49.57 1,513,813
SABIC 135.03 2,714,566
SPIMACO 52.92 648,191
Recent News

C$ firms as markets await Fed statement
TORONTO: The Canadian dollar firmed against the greenback for a third day on Wednesday but gains were limited by investor caution ahead of a policy statement by the US Federal Reserve later in the da

WTI Drops a Second Day as U.S. Crude Supplies Rise; Brent Falls
West Texas Intermediate dropped for a second day as crude stockpiles increased for the first time in five weeks in the U.S., the world’s biggest oil consumer. Brent declined in London.

Fut

China's central bank:no strong stimulus needed as long as growth
(Reuters) - China does not need strong policy stimulus as long as economic growth hovers within the government's targeted range, a policy adviser to the People's Bank of China said on Thursday, an in

Silver ETP Buyers Defy Hedge Fund Exit Amid Price Slump
Buyers of exchange-traded products backed by silver are betting $11.86 billion that big speculators are wrong about the outlook for prices, which slumped last week to a 14-month low.

ETP h

South Korea Plans Record 2015 Budget as Spending Jumps
South Korea plans to spend a record 376 trillion won ($363 billion) next year and delay reaching a surplus by at least 2 years as the government increases support for a slowing economy.

Th

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?