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 | OCT | NOV | DEC
Most Viewed Companies
Ticker Price Volume
EMAAR 7.71 67,780,951
SABIC 90.11 6,816,238
ALMARAI 76.69 1,896,426
STC 68.6 1,372,209
RIBL 17.4 2,074,671
EEC 43.26 8,341,135
SECO 15.7 5,629,097
Recent News

53 per cent in Oman want to splurge on luxuries in 2015: Survey
Fifty-three per cent of luxury spenders in Oman plan to spend more on luxury goods and experiences in 2015, according to a new American Express Middle East Spending Survey. This compares to a regiona

Non-Opec producers urged to cut oil output after rout
Oil producers outside of Opec should cut their "irresponsible" output with excess supplies harming the market, the United Arab Emirates energy minister said.

The oil market is oversupplied

‘Oman needs reform on public sector employment benefits’
Oman, the largest non-Opec oil producer in the Arabian Gulf, may have to reform its generous public sector employment benefits and tackle the country's restrictive labour practices in order to increa

DP World hopes conciliation talks with Australian port workers
DP World is hoping that conciliation talks in Australia in the new year will bring some respite to its operations in the country, after a series of bitter disputes in recent months with local trade u

Nakheel all set to ramp up at Deira Islands
In what will be a substantial boost for the local construction sector early in the new year, Nakheel confirmed tenders will be called for the Dh1.7 billion plus (excluding the land cost) Deira Islan

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?