DUBAI (Reuters) - Top oil exporter Saudi Arabia pumped 9.8 million barrels per day (bpd) of crude oil in May, an industry source said on Saturday. May's oil production was lower by 300,000 bpd from April when the Saudi kingdom pumped 10.1 million bpd, its highest for more than 30 years, as it bids to meet growing demand and curb oil prices. Members of the Organisation of Oil Exporting Countries (OPEC) will meet on June 14 in Vienna to review output policy. (Dubai Newsroom)
Top oil exporter Saudi Arabia told OPEC it reduced its oil output in August by 400,000 barrels per day (bpd), a cutback coinciding with a drop in oil prices towards the kingdom’s preferred level of $100 a barrel.
In a monthly report issued on Wednesday, the Organization of the Petroleum Exporting Countries also cut its forecasts for demand for OPEC crude this year and next, pointing to a supply surplus of more than 1 million bpd in 2015 if OPEC keeps output at current levels.
Top oil exporter Saudi Arabia pumped 9.8 million barrels per day of crude oil in May, an industry source said on Saturday. May's oil production was lower by 300,000 bpd from April when the Saudi kingdom ...
LONDON — Oil prices fell further on Monday, with Brent dropping below US$55 a barrel, after top exporter Saudi Arabia said it would only consider cutting output if other producers outside OPEC did so too.
The strengthening of the dollar further weighed on prices.
Brent crude oil futures were trading at US$54.70 a barrel at 0933 GMT, down 62 cents. U.S. WTI crude was down 87 cents at US$45.70 a barrel.
Oil fell by more than US$2 a barrel on Thursday to its lowest since June 2012, with benchmark Brent dropping under US$92 a barrel, as price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data.
Oil declined alongside European stocks as the European Central Bank left interest rates unchanged on Thursday, as expected. Investors were waiting to see the extent of an asset purchase plan, which bank chief Mario Draghi is due to discuss at a news conference due at 1230 GMT, which could inject confidence into the euro zone economy.
The collapse in oil prices is starting to slow growth in U.S. output, OPEC said on Thursday, although the slowdown will not prevent an increasing global surplus in 2015 and demand for the exporter group’s oil falling to its lowest in a decade.
In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the group’s oil would drop to 28.78 million barrels per day (bpd) in 2015, down 140,000 bpd from its prior estimate and well over 1 million bpd less than it is currently producing.
The United States has overtaken Saudi Arabia to become the world’s biggest oil producer as the jump in output from shale plays has led to the second biggest oil boom in history, according to leading U.S. energy consultancy PIRA.
U.S. output, which includes natural gas liquids and biofuels, has swelled 3.2 million barrels per day (bpd) since 2009, the fastest expansion in production over a four-year period since a surge in Saudi Arabia’s output from 1970-1974, PIRA said in a release on Tuesday.
KUWAIT CITY: Gulf oil producers, led by Saudi Arabia, will resist attempts to cut output at an OPEC meeting next month as preserving market share remains their top priority, industry analysts said. A decision by the 12-member Organisation of Petroleum Exporting Countries not to cut production in November sent prices crashing 60 per cent before a partial recovery in recent weeks. Gulf and other OPEC members said they wanted to safeguard their share of a market that has faced a supply glut as a result of sharp increases in the production of shale and sand crudes.
OPEC further lowered the forecast demand for its crude in the fourth quarter and 2014, and said its production remained higher than next year’s global requirement despite a plunge in Iraqi and Libyan output.
The outlook could point to a challenging 2014 for the Organization of the Petroleum Exporting Countries. Rising rival output will make it harder for it to keep its own production at high rates without risking a drop in prices below its preferred level of $100 a barrel.
OPEC on Wednesday trimmed its forecast for global growth in oil demand in 2013, becoming the second of the world’s closely watched oil forecasters this week to predict weaker consumption.
The move by the Organization of the Petroleum Exporting Countries in a monthly report follows a similar downward revision to oil demand growth in 2013 by the U.S. Energy Information Administration on Tuesday.