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.”
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Opec and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quar
The price of OPEC basket of fourteen crudes stood at US$54.59 a barrel on Thursday, compared with $54.06 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Ba
Oil was heading for a third weekly gain as Opec ministers meeting in Vienna urged a continued commitment to supply cuts they said are making good progress in draining a global glut.
Opec and Russia said they were about halfway toward clearing a global oil glut and urged fellow producers to stay focused and finish the job, while stopping short of additional action to reassure a j
Crude oil prices rallied after the Iraqi oil minister said OPEC and its partners were considering extending or even deepening current production cuts.
WTI crude settled at its best level s