OPEC Production Up 773K/bpd

Wednesday, April 26, 2000
OPEC oil production looks likely to rise by 773,000 barrels a day in April including 225,000 bpd from Iraq, a leading tanker tracker told clients on Wednesday. Petrologistics said preliminary expectations for OPEC supply in April were 27.555 million bpd compared to 26.782 million bpd in March. It said the 10 OPEC members that eased supply restraints in April were likely to pump 25.005 million bpd from 24.457 million in March -- a rise of 548,000 bpd. Under OPEC's old deal that expired in March the Petrologistics figures put leakage at 1.481 million bpd and compliance with 4.316 million bpd of supply curbs at 66 percent. Under the new higher output target, and including Iran, leakage is 313,000 bpd and compliance with the remaining 2.6 million bpd of supply restraint is 88 percent, according to the Petrologistics data.

Offshore

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Onshore Spending on the Cusp of Recovery?

DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Ports

Indian Warships Visit Port Victoria

In a demonstration of India’s commitment to its ties with Seychelles and maritime security in the Indian Ocean Region, Indian Naval Ships Kolkata, Trikand and

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

Shenzhen Port to Adopt China ECA Regulation

China's Shenzhen port is set to to adopt requirements for ships at berth requiring to burn marine fuel with sulfur content not exceeding 0.5 percent starting October this year,

 
 
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