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 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 ...
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.
Brent crude oil rose more than $1 to a 12-week high on Thursday after news of a sharp cut in Saudi oil production, an explosion in Yemen that halted most of the country’s oil exports and bullish Chinese trade data.
Saudi Arabia cut its crude oil production by around 700,000 barrels a day (bpd) over the last two months of last year, with December output at around 9.0 million bpd, an industry source familiar with Saudi oil policy said.
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.
Global energy service giants are banking on a boom in Saudi oil and gas drilling over the next few years to revive profits that are being squeezed by overcapacity in the North American market.
Schlumberger, Halliburton and Baker Hughes have all singled out Saudi Arabia as a major growth market for next year as they search the globe for better returns than the saturated U.S. and Canadian markets offer.
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.
Rosneft reported one of the largest rises in crude output among the Russian oil majors last year
More crude from state-owned top producer Rosneft kept Russian oil output the highest in the world last year, ahead of Saudi Arabia, Energy Ministry data showed on Wednesday.
Crude output edged up almost 1% to a new post-Soviet high of 10.37 million barrels per day (bpd), but the increase could halt this year due to depleted oil fields in West Siberia.
Iraq is sharpening a push to sell its swelling crude output and sit at oil’s top table with Saudi Arabia, sweetening terms for contract buyers next year, its customers say.
Iraqi Oil Minister Abdul-Kareem Luaibi held court to oil executives in Vienna’s Hotel Imperial last week on the sidelines of an OPEC meeting. Some buyers have said they were concerned by higher prices and variable quality.
Japanese oil refiners will cut their capacity to the lowest in four decades next year to meet a government deadline, slashing the country’s Middle East imports and tightening regional fuel supplies.
Imports of crude by the world’s No. 3 oil consumer could fall by up to 320,000 barrels per day (bpd) — down nearly 9 percent on last year — with Saudi Arabia, the United Arab Emirates, Kuwait and Qatar bearing the brunt of the cuts.