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


15/04/2012 22:33 AST

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

Bloomberg
Crude Oil News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
EEC 24.7 279,489
BKMB 0.44 529,503
QNBK 151 54,950
SABIC 95.25 1,809,547
RIBL 11.2 188,460
GFH 0.51 4,000
OTEL 1.51 78,027
Recent News

Listless trading on Muscat bourse
Amid dull trading activity, the MSM30 Index ended on flat note at 5,656.35 points, up by 0.03 per cent. The MSM Sharia Index closed at 854.23 points, up by 0.18 per cent. Galfar Engineering was the m

US stocks’ bull run seen extending into ’17
The US stock market’s bull run since 2009 will extend into 2017 if President-elect Donald Trump’s plans to stimulate the economy with infrastructure spending and financial deregulation come to pass,

Qatar-German trade reaches QR9.5bn in 2015
The Qatar-German Joint Economic and Trade Cooperation Committee concluded its 5th meeting yesterday in Doha. The Qatari side was chaired by the Minister of Economy and Commerce, H E Sheikh Ahmed bin

Sharjah rents down for second consecutive year
The rents in residential and commercial property markets across Sharjah have fallen for a second year in a row, increasing tenancy options in the northern emirate, according to real estate consultanc

Alba expecting strong finish for 2016
Aluminium Bahrain (Alba), one of the largest and modern aluminium smelters in the world, said it has been performing reasonably well in light of the market conditions and is expecting a strong finish

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?