Opec production plunges to 3-year low in March
04/12/2014
The oil production from the Organization of the Petroleum Exporting Countries (Opec) plunged 550,000 b/d from February to 29.56 million b/d in March - its lowest level since mid-2011, according to the latest Platts survey of Opec and oil industry officials and analysts The decline followed February production of 30.11 million b/d and was mainly attributable to insurgent attacks which shut a key export pipeline in Iraq, and a renewed downward swing in Libyan production.Saudi Arabia also reduced output because of lower refining demand due to maintenance. The survey showed Saudi output at 9.6 million b/d, down from 9.7 million b/d in February and the lowest level since June last year, when the kingdom's output was estimated at 9.65 million b/d.Together, Saudi Arabia, Iraq and Libya accounted for 440,000 b/d of the overall drop, stated the Platts report.
--------------------------------------------------------------------------------
"The Iraqi reduction is viewed as particularly unsettling," remarked John Kingston, Platts global director of news.
"It comes just a month after a huge jump in output that followed improvements to the country's exporting capabilities in the south. Given that the often-troubled northern pipeline continues to get hit by difficulties, I suspect the Iraqi monthly number will continue to be volatile," he added.
According to Kingston, the Iraqi output fell by 200,000 b/d to 3.15 million b/d. The Iraq-Turkey pipeline, which carries Kirkuk crude from Iraq's northern fields to Turkish Mediterranean port Ceyhan, remained out of action more than a month after the early March attacks on the line that forced some northern production to be curtailed.
Iraqi oil minister Abdul Karim Luaibi said Wednesday that the pipeline could become operational in about a week.
Average Libyan production in March slumped to 220,000 b/d from 360,000 b/d in February.
In early 2013, output had recovered to around 1.4 million b/d from virtually zero in 2011 during the uprising against Moammar Qadhafi, but production has since then been a fraction of that level for the better part of a year amid continuing political unrest.
Libya's oil sector has been under siege since May 2013, with production and exports disrupted intermittently by strikes, protests and port blockades.
Last weekend saw the government and rebels strike a deal to reopen the Zueitina and Marsa al-Hariga oil ports, which have a combined export capacity of 180,000 b/d. Loadings have yet to resume. Other important ports, Ras Lanuf and Es Sider, remain closed. The Elephant and Sharara fields also remained shut in.
Early on Wednesday, Opec secretary general and former Libyan oil minister Abdalla el-Badri said Libya could quickly restore output to around 1 million b/d. But he said pre-uprising levels would be more difficult to achieve because repeatedly shutting in wells in the country's major onshore oil fields might have damaged production facilities.
Libya had been pumping approximately 1.6 million b/d before the uprising.
The country's poor security situation could also hamper efforts to bring production back on stream, Badri said.
Smaller production reductions came from Algeria, Angola, Kuwait, Nigeria and the UAE, while Iran boosted output by 30,000 b/d to 2.85 million b/d.
The last time Opec production was this low was in June 2011, when the Platts survey showed output at 29.57 million b/d. Output subsequently climbed, holding above 30 million b/d until September last year.
The group's current 30 million b/d crude output ceiling has been in place since January 2012.-TradeArabia News Service
http://www.tradearabia.com/news/OGN_255901.html
04/12/2014
The oil production from the Organization of the Petroleum Exporting Countries (Opec) plunged 550,000 b/d from February to 29.56 million b/d in March - its lowest level since mid-2011, according to the latest Platts survey of Opec and oil industry officials and analysts The decline followed February production of 30.11 million b/d and was mainly attributable to insurgent attacks which shut a key export pipeline in Iraq, and a renewed downward swing in Libyan production.Saudi Arabia also reduced output because of lower refining demand due to maintenance. The survey showed Saudi output at 9.6 million b/d, down from 9.7 million b/d in February and the lowest level since June last year, when the kingdom's output was estimated at 9.65 million b/d.Together, Saudi Arabia, Iraq and Libya accounted for 440,000 b/d of the overall drop, stated the Platts report.
--------------------------------------------------------------------------------
"The Iraqi reduction is viewed as particularly unsettling," remarked John Kingston, Platts global director of news.
"It comes just a month after a huge jump in output that followed improvements to the country's exporting capabilities in the south. Given that the often-troubled northern pipeline continues to get hit by difficulties, I suspect the Iraqi monthly number will continue to be volatile," he added.
According to Kingston, the Iraqi output fell by 200,000 b/d to 3.15 million b/d. The Iraq-Turkey pipeline, which carries Kirkuk crude from Iraq's northern fields to Turkish Mediterranean port Ceyhan, remained out of action more than a month after the early March attacks on the line that forced some northern production to be curtailed.
Iraqi oil minister Abdul Karim Luaibi said Wednesday that the pipeline could become operational in about a week.
Average Libyan production in March slumped to 220,000 b/d from 360,000 b/d in February.
In early 2013, output had recovered to around 1.4 million b/d from virtually zero in 2011 during the uprising against Moammar Qadhafi, but production has since then been a fraction of that level for the better part of a year amid continuing political unrest.
Libya's oil sector has been under siege since May 2013, with production and exports disrupted intermittently by strikes, protests and port blockades.
Last weekend saw the government and rebels strike a deal to reopen the Zueitina and Marsa al-Hariga oil ports, which have a combined export capacity of 180,000 b/d. Loadings have yet to resume. Other important ports, Ras Lanuf and Es Sider, remain closed. The Elephant and Sharara fields also remained shut in.
Early on Wednesday, Opec secretary general and former Libyan oil minister Abdalla el-Badri said Libya could quickly restore output to around 1 million b/d. But he said pre-uprising levels would be more difficult to achieve because repeatedly shutting in wells in the country's major onshore oil fields might have damaged production facilities.
Libya had been pumping approximately 1.6 million b/d before the uprising.
The country's poor security situation could also hamper efforts to bring production back on stream, Badri said.
Smaller production reductions came from Algeria, Angola, Kuwait, Nigeria and the UAE, while Iran boosted output by 30,000 b/d to 2.85 million b/d.
The last time Opec production was this low was in June 2011, when the Platts survey showed output at 29.57 million b/d. Output subsequently climbed, holding above 30 million b/d until September last year.
The group's current 30 million b/d crude output ceiling has been in place since January 2012.-TradeArabia News Service
http://www.tradearabia.com/news/OGN_255901.html
» KTFA Members "News and Views" Wednesday PM 5-18-2022
» Noon Agency publishes the text of the proposed food security bill in Parliament
» Al-Maliki..we are surprised by the insistence on legislating the food security law and standing agai
» Ur State Company signs a contract worth more than 13 billion dinars to supply electricity to the cen
» "Rights" calls on the Al-Kazemi government to resort to the advances and cover the expenses
» Iraq asks America to answer 14 files of convicts residing on its soil
» The Iraqi parliament completes a report and discussion of a proposed law banning normalization with
» A jump in the proportion of foreign remittances from the dollar in the auction of the Central Bank o
» Center calls on Baghdad and Erbil to implement UN recommendations and warnings about the seriousness
» Kurdish politician: Killings increased in Kurdistan for this reason
» The Parliamentary Rights Movement calls on the Al-Kazemi government to resort to the advances and co
» Independents are the most affected"... The war of words between the coordination framework and the t
» The resignation of five deputies from the extension movement
» $30 billion to support food security in countries affected by the Ukraine crisis.. Iraq is commentin
» Iraq signs a contract with a Chinese company to drill 22 oil wells
» The Central Bank of Iraq increases its capital to 5 trillion dinars
» Including light Basra .. The OPEC basket is declining by more than two dollars
» Because of the lack of support, Salah El-Din is likely to reduce wheat production by 40%
» The Triple Alliance: An exceptional opportunity to reduce Iran's influence in Iraq
» The President of the Supreme Judicial Council receives the Governor of Dhi Qar Muhammad Al-Ghazi
» The Federal Supreme Court responds to the President's inquiry
» Al-Maliki..we are surprised by the insistence on legislating the food security law and standing agai
» In the video, "George Bush" slip of the tongue exposes the reality of the occupation of Iraq in 2003
» Acute threat!: The US Air Force will participate in the major Israeli maneuver to destroy the Irania
» The Democratic Current files a lawsuit against the Speaker of the House of Representatives
» 99% of them have not received compensation.. the destruction prevents two-thirds of the people of Si
» Blackshart before the Security Council: The Iraqis are waiting for the power battles to end
» Economic offices account for 15% of provincial budgets
» There was no breakthrough in the crisis a month ago...and "dissolving Parliament" is an option after
» In the document.. Al-Maamouri sends a request to the Speaker of Parliament regarding 315 contracts
» In the document.. the second deputy speaker of parliament reveals his financial disclosure
» Governmental Adviser: The judiciary's decision on the food security law will affect the white paper
» Iraq announces transferring the brunt of mass graves crimes to the international community
» Nazim: The government's cooperation with Parliament may lead us to a law that overcomes challenges
» The Speaker of Parliament assigns a former Turkmen minister the duties of Provincial Affairs Adviser
» Parliamentary Finance: Tables of food security amounts will not exceed 25 trillion dinars
» A representative for the Democrat: Representatives in the framework signed the sending of the Food S
» Finance begins launching employee salaries
» Independent Deputy: We have not received any response to our initiative
» A representative of the state of law comments on the new food security law
» Deputy: The capital, Baghdad, is facing a serious environmental problem
» The House of Representatives holds its session headed by Al-Halbousi
» The House of Representatives begins the first reading of the proposed law on emergency support for f
» A slight rise in the "dollar" against the Iraqi dinar in the local markets
» Oil recovers from early losses and hits $110 a barrel
» The Central Bank of Iraq decides to increase its capital to (5) trillion dinars
» The joint operations determine the percentages of completion of the security barrier on the Iraqi-Sy
» Representative of the State of Law: The continuation of the political blockage will lead to the coll
» An electric power transmission line was sabotaged south of Baghdad
» The Minister of Electricity instructs to exclude the examination centers from the programmed cut
» Finance begins launching employee salaries for the month of May[/size]
» Collecting signatures of more than 200 deputies to dismiss the governor of Salah El-Din - Urgent
» The coordination considers "emergency support" an acquisition of power and accuses the trio
» The agenda of the House of Representatives in its session today, Thursday
» Triple Alliance: No red lines in dialogue
» Deputy: The Independent Initiative is the only solution to overcoming the political blockage
» One last chance...a new initiative from the Kurdistan Democratic Party
» Claims to stop the investment project for electric stations by the company "KAR": includes legal vio
» Finance begins to launch funding for state employees’ salaries for the month of May
» Dollar exchange rates in local markets
» Holly, MilitiaMan, Pimpy and more.......Wednesday AM 5-18-2022
» We have reached a dead end..A representative of the "coordinating framework" talks about new options
» Iraq balks at greater Chinese control of its oilfields
» The Iraqi government thwarts plans to sell oil stakes to China and dominate it
» Reuters: Iraq is concerned about the Chinese encroachment in its oil fields
» Kurdistan Regional Government extends 15 percent exemption from loans until next month
» Parliamentary Finance proposes the “Emergency Support for Food Security and Development” law as an a
» The President of the Republic discusses ways to strengthen relations with Switzerland
» Al-Kazemi identifies the reason for the high real estate prices in areas in Baghdad
» The Strategic Planning and Parliamentary Federal Service Committee selects the age president and his
» Al-Maliki's Coalition Invites The Political Blocs Regarding The Initiative Of The Independents
» Iraq's delegate to the United Nations submits an official complaint against Turkey, calling on all T
» America confirms its continued support for Iraq to achieve security and stability
» Political anticipation for the announcement of the names of independent candidates for prime ministe
» Photos.. Sadr's supporters gather in two areas of Baghdad
» The Sinjar file is on the Security Council table.. "Spoilers with a lack of international observers
» Turkish Ambassador: We do not cut off the waters of the tributaries and rivers of Iraq, nor do we ch
» A parliamentary bloc presents 6 corruption files on the administration of Kirkuk to the Federal Inte
» Al-Kazemi: The concept of the Green Zone and the "metro" must change as one of the important project
» Al-Rafidain clears its responsibility.. Fake sites for granting advances steal citizens' data
» Iraq is fourth in the Middle East by the value of contracts signed within a month
» Payment must be made within a month.. Iraq owes one billion and 600 million dollars for Iranian gas
» The Agricultural Bank decides to postpone the payment of installments and loans
» The accounts of the Iraqi state..a new rise in the contribution of oil and an opportunity to get out
» Gold prices are back down in the Iraqi markets
» The Iraqi currency auction is approaching $200 million today
» Basra crude records a rise of more than 5 dollars
» Baghdad tops the world's capitals... with the largest global pollution
» Al-Kazemi from the Baghdad Municipality.. We all have to work for a clean Baghdad
» Iraq's permanent representative to the United Nations... warns of Iran and Turkey's interference in
» Al-Kazemi opens fire after “silence”: We faced a disaster that the policies of those who accuse us o
» The President of the Supreme Judicial Council receives the Minister of Security and Justice in the N
» Parliament names temporary presidencies for its committees until the formation of the government
» The failure to pass the budget poses severe damage to the economy and the provision of services
» The Iraqi crisis is expanding: the armed factions exchange threats
» Cancellation of the “Food Security” project causes a loss of a third of electric power and 8 food ra
» Resolution 121 prevents parliament from questioning ministers
» Recruit Zebari on charges of insulting the judiciary