EIA Expects OPEC Output To Rise

Wednesday, February 07, 2001
The U.S. Energy Information Administration expects OPEC countries to continue producing above their quotas, pushing the cartel's average output 770,000 barrels per day (bpd) above official levels for the quarter. OPEC's actual production would also be just 619,000 bpd lower during the first quarter from output levels at the end of last year, the agency said in its monthly OPEC update. That would be much less than the 1.5 million bpd that OPEC members (excluding Iraq) agreed to cut from their production quotas during a meeting last month in Vienna. The cartel set its production at 25.2 million bpd beginning Feb. 1 in order to stop oil prices from falling from what is expect to be lower oil demand in the first half of this year. The EIA said OPEC's production cuts should be sufficient, unless there is a world economic slowdown that dampens oil demand. "Not further cuts would be needed to maintain prices within OPEC's ($22-$28) target range," the agency said. Separately, the agency lowered its assessment of Iraqi oil production for the year. The EIA said it assumes Iraq will try to further erode United Nations sanctions by disrupting its own oil supplies. The EIA said it continues to believe that Iraq will not be able to meet its goal of producing 3.4 million bpd of oil this year, which was the country's output level in July 1990 just prior to the Gulf War. Because of problems with Iraq, the EIA lowered its projected overall OPEC production levels by 300,000 bpd for this year. Even with the downward revision in OPEC output, the agency said worldwide production capacity is currently at its lowest level during a non-disruption period, such as the Gulf War, in the past three decades. Surplus production capacity will be as low as 3.3 million bpd for OPEC and 3.8 million bpd worldwide during the current quarter, according to the agency.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

Update on Seagull Mobile apps for Crew

The Seagull mobile app for crew training status is set to revolutionise the way seafarers track their training records and receive critical safety alerts, by making

Neptune Awarded Kitan Contract

Neptune has been awarded an air diving services contract by Technip Oceania Pty Ltd (“Technip”) for the Kitan disconnection project. The project is offshore

Energy

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

Total Proposes 0.61 ‎€ per Share Dividend

The Board of Directors of Total met on February 10, 2016, and agreed to propose to the Annual Shareholders’ Meeting on May 24, 2016, a 2015 annual dividend of 2.

Rosneft, Pietro Barbaro Form JV for Shipping

Rosneft and Pietro Barbaro S.p.A. signed a Memorandum of Understanding with the scope of creating a Joint Venture (JV) in the area of international shipping. The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0857 sec (12 req/sec)