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Off-limits: "OPEC" is pumping more crude amid falling prices
Organization of Petroleum Exporting Countries predicted (OPEC) to increase oil supply in themarket this year, resulting in the lifting ofsanctions that were imposed on Tehran to strengthen Iran 's production of crude ,including Awad disrupted some supplies within the organization and the losses suffered by producers outside by the collapse of prices.
OPEC said in a monthly report published, on Friday, citing secondary sources that it produced 32.44 million barrels a day in April , an increase of 188 thousand barrels per day from March.
and failed to OPEC and producers outside of including Russia in reaching agreement on the installation ofproduction at a meeting on April 17 in order to reduce the glut of supply of crude , which impacted negatively on prices.
according to a review conducted by the Reuters reports OPEC previous published on its website the April production is the top of the organization since 2008 at least.
indicates OPEC report to the excess supply of 950 thousand barrels per day on average in 2016 if Organization is pumping rates in April , up from 790 thousand barrels a day last month 's report remained.
OPEC has kept its forecast for growth of global oil demand in 2016 unchanged at 1.2 million barrels per day, while raised slightly its forecast for demand for its oil in 2016 to 31.49 million barrels per day compared to31.46 in the previous forecast.
the forecast of the Organization reduced supplies from the outside by 740 thousand barrels per day in 2016 compared with 730 thousand barrels per day in the previous forecast.
she informed the Kingdom of Saudi Arabia , OPEC it pumped 10.26 million bpd in April , up 40 thousand barrels per day from March.
from for his part, Russian energy Minister Alexander Novak told reporters, on Friday, said that it is unlikely that Russia participates in OPEC's next scheduled meeting in Vienna on the second of June.
he added that Russia, the largest oil producer in the world but they are not a member of OPEC is ready to meet separately with the organization if they have received an offer of this kind. Novak said he plans to meet Saudi Arabia 's energy minister of the new Al - Falih.
As oil prices dropped nearly one percent, with a rise in the dollar and a warning Russia that the glut of global supply of crude may continue until next year.
The recovery of the dollar to climb 2.46 percent from lows in May against a basket of the other major currencies. And increases the rising dollar - denominated oil is the cost of fuel imports to countries using other currencies including may weaken demand.
By 0650 GMT , was trading the global London Brent crude futures at $ 47.66 a barrel , down 42 cents or 0.9 percent from its price at the settlement former.
the inn WTI US mediator in futures 54 cents or 1.18 percent to $ 46.16 a barrel, but some analysts say the production decline, especially in North America precludes record prices fall further.
showed the US energy Information administration data that the production crude oil in the United States fell 4.7 percent from its highest level in 2016 recorded in January to reach 8.8 million barrels per day, while production down 8.4 percent from its peak in 2015.
in Canada remained stalled sandstone oilfields production volume due to forest fires more than a million barrels a day until Wednesday , although some companies said they increase production in general.
with the increase of 1.4 global demand one million barrels per day in the first quarter of 2016 compared with the same period last year , the rate of consumption is still strong , which supports the market.
but Russia 's largest producer crude oil played down the view that the declines recorded by the production recently in the Americas, Asia and Africa ruled the global surplus in production and inventory , which pushed oil prices down more than 70 percent in the period between 2014 and early 2016.
he said Russian energy Minister Alexander Novak told reporters yesterday first Thursday the global oil surplus of 1.5 million barrels per day , though the market may not regain their balance before the first half of 2017.
He added that expectations not balance the market until the first half of 2017 is "optimistic expectations in light of the continued oversupply and falling production volumes at a slower pace than expected analysts. "
he pointed out that Russia is expected to produce 540 million tons (10.81 million barrels per day) or more of oil this year , up from 534 million tons in 2015.
OPEC said in a monthly report published, on Friday, citing secondary sources that it produced 32.44 million barrels a day in April , an increase of 188 thousand barrels per day from March.
and failed to OPEC and producers outside of including Russia in reaching agreement on the installation ofproduction at a meeting on April 17 in order to reduce the glut of supply of crude , which impacted negatively on prices.
according to a review conducted by the Reuters reports OPEC previous published on its website the April production is the top of the organization since 2008 at least.
indicates OPEC report to the excess supply of 950 thousand barrels per day on average in 2016 if Organization is pumping rates in April , up from 790 thousand barrels a day last month 's report remained.
OPEC has kept its forecast for growth of global oil demand in 2016 unchanged at 1.2 million barrels per day, while raised slightly its forecast for demand for its oil in 2016 to 31.49 million barrels per day compared to31.46 in the previous forecast.
the forecast of the Organization reduced supplies from the outside by 740 thousand barrels per day in 2016 compared with 730 thousand barrels per day in the previous forecast.
she informed the Kingdom of Saudi Arabia , OPEC it pumped 10.26 million bpd in April , up 40 thousand barrels per day from March.
from for his part, Russian energy Minister Alexander Novak told reporters, on Friday, said that it is unlikely that Russia participates in OPEC's next scheduled meeting in Vienna on the second of June.
he added that Russia, the largest oil producer in the world but they are not a member of OPEC is ready to meet separately with the organization if they have received an offer of this kind. Novak said he plans to meet Saudi Arabia 's energy minister of the new Al - Falih.
As oil prices dropped nearly one percent, with a rise in the dollar and a warning Russia that the glut of global supply of crude may continue until next year.
The recovery of the dollar to climb 2.46 percent from lows in May against a basket of the other major currencies. And increases the rising dollar - denominated oil is the cost of fuel imports to countries using other currencies including may weaken demand.
By 0650 GMT , was trading the global London Brent crude futures at $ 47.66 a barrel , down 42 cents or 0.9 percent from its price at the settlement former.
the inn WTI US mediator in futures 54 cents or 1.18 percent to $ 46.16 a barrel, but some analysts say the production decline, especially in North America precludes record prices fall further.
showed the US energy Information administration data that the production crude oil in the United States fell 4.7 percent from its highest level in 2016 recorded in January to reach 8.8 million barrels per day, while production down 8.4 percent from its peak in 2015.
in Canada remained stalled sandstone oilfields production volume due to forest fires more than a million barrels a day until Wednesday , although some companies said they increase production in general.
with the increase of 1.4 global demand one million barrels per day in the first quarter of 2016 compared with the same period last year , the rate of consumption is still strong , which supports the market.
but Russia 's largest producer crude oil played down the view that the declines recorded by the production recently in the Americas, Asia and Africa ruled the global surplus in production and inventory , which pushed oil prices down more than 70 percent in the period between 2014 and early 2016.
he said Russian energy Minister Alexander Novak told reporters yesterday first Thursday the global oil surplus of 1.5 million barrels per day , though the market may not regain their balance before the first half of 2017.
He added that expectations not balance the market until the first half of 2017 is "optimistic expectations in light of the continued oversupply and falling production volumes at a slower pace than expected analysts. "
he pointed out that Russia is expected to produce 540 million tons (10.81 million barrels per day) or more of oil this year , up from 534 million tons in 2015.
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