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 ...
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 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.
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.
World oil demand will rise slightly more than expected in 2014, OPEC said on Wednesday, becoming the second major forecaster this week to predict higher fuel use as economic growth picks up in Europe and the United States.
The Organization of the Petroleum Exporting Countries, in a monthly report, said global demand will rise by 1.09 million barrels per day (bpd) this year, up about 40,000 bpd from its previous forecast. The group, which pumps a third of the world’s oil, also sees potential for further rises.
Venezuela could boost its long stagnant oil output considerably in just five to seven years if it offers investors greater certainty over contracts, an executive of Russia’s LUKOIL said.
Under president Hugo Chavez, who died on Tuesday after 14 years in power, foreign oil companies in Venezuela, the world’s 11th largest crude exporter, have faced price controls and currency devaluations along with threats of nationalisation.
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.