OPEC oil output rises in February

marinelink.com
Friday, February 28, 2014

Supply rises by 170,000 bpd, led by Iraq, Angola. Saudi Arabia trims output, Libyan supply falls and OPEC output below 30 million bpd target for fifth month.


OPEC's oil output has risen further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola, and further upward creep in Iranian exports, a Reuters survey found on Friday.

Output from the Organization of the Petroleum Exporting Countries averaged 29.96 million barrels per day (bpd), up from a revised 29.79 million bpd in January, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.

The survey illustrates the potential for OPEC supply to rebound in 2014 if Iraq and Iran sustain higher output, potentially weighing on oil prices unless outages persist in Libya or top exporter Saudi Arabia cuts back.

"If OPEC production is rising, this would only add to the existing over-supply," said Carsten Fritsch, analyst at Commerzbank in Frankfurt. He expects Brent crude to fall further towards the middle of its trading band of $100-110 a barrel over the next few weeks due to ample supplies.

In February, a jump in Iraqi exports, an increase in Angola and a further small rise in Iranian shipments outweighed reductions in Libya, Nigeria and Saudi Arabia.

OPEC's December output was the lowest since May 2011, when the group pumped 28.90 million bpd, according to Reuters surveys. Despite increases this month and in January, supply is below OPEC's nominal target of 30 million bpd for a fifth straight month.

The biggest increase came from Iraq, whose exports from its southern terminals jumped by more than 300,000 bpd as shipping delays caused by bad weather in January were cleared. Shipments of Kirkuk crude also increased from Iraq's north.

Angola's exports have increased in February, mainly as the shorter month lifted the daily rate. The increase is unlikely to last as maintenance at BP's Plutonio oilfield is set to reduce exports in March.

Iranian supply to market was estimated at 2.82 million bpd, up 70,000 bpd. The modest pickup is the fourth consecutive monthly rise, according to sources who track tanker movements, and adds to signs that the easing of sanctions on Tehran is helping it sell more crude.

The largest decline in OPEC was from Libya, where output declined to 230,000 bpd by the end of the month from January's average of 550,000 bpd because of strikes and protests.

Top oil exporter Saudi Arabia, industry sources say, trimmed output slightly. Saudi state oil company Saudi Aramco told some term buyers that it will supply less Arab Extra Light crude due to maintenance at one of its biggest oilfields, Shaybah.

"I think they are taking advantage of a seasonal slow period," said an industry source of the timing of the maintenance. "They may re-jig production from other fields to keep pace with demand. If market demand is there, then they will supply it."

 

By Alex Lawler

Maritime Today


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

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

Offshore

Premier Oil and Rockhopper Abandon Ocean Rig Contract

Two of the major British players in Falkland Islands offshore oil development, Premier Oil and Rockhopper Exploration, cancelled a joint venture contract with Ocean Rig UDW.

US Oil Drillers Cut Rigs to Least in 6 Years

U.S. energy firms this week cut oil rigs for an eighth week in a row to the lowest levels since January 2010, data showed on Friday, as energy firms continue to

Eni, Exxon, Statoil Win Irish Offshore O&G Licences

The Irish government said on Thursday it had awarded oil and gas licences to companies including oil majors Eni, Exxon and Statoil , allowing them to explore for hydrocarbons off the coast of Ireland.

Tanker Trends

Indiana Ports Sets Cargo Record in 2015

State's three ports handle 12 million tons for first time in 54-year history  INDIANAPOLIS (Feb. 11, 2016) - The Ports of Indiana handled over 12.2 million tons of cargo in 2015,

Owner Fined for 'Dangerously Unsafe' Vessel

The owner of a harbor tanker has been fined £3,000 with more than £7,000 costs after pleading guilty to a charge of operating a vessel for being dangerously unsafe.

Shipping Corporation Q3 Profit Surges

The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 31st December 2015 posting a net profit of Rs. 59.66 crores as against a net profit of Rs.

Bulk Carrier Trends

Indiana Ports Sets Cargo Record in 2015

State's three ports handle 12 million tons for first time in 54-year history  INDIANAPOLIS (Feb. 11, 2016) - The Ports of Indiana handled over 12.2 million tons of cargo in 2015,

Nordana Sea Delivered to Symphony Shipping

After successful sea trials, M.V. Nordana Sea was delivered to Symphony Shipping on February 11, 2016. Constructed by builder Ferus-Smit in the Netherlands (yard number 419),

Baltic Index Rises for First Time in 2016

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the first time this year on Friday, helped by higher rates for panamax vessels.

Finance

Brazil's CEEE to sell stakes in Wind Farms, Dams

Brazil's Companhia Estadual de Energia Elétrica (CEEE), a power utility controlled by the state of Rio Grande do Sul, will sell assets including stakes in wind farms,

DP World Bolsters Investment in India

DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations.

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Energy

Brazil's CEEE to sell stakes in Wind Farms, Dams

Brazil's Companhia Estadual de Energia Elétrica (CEEE), a power utility controlled by the state of Rio Grande do Sul, will sell assets including stakes in wind farms,

Premier Oil and Rockhopper Abandon Ocean Rig Contract

Two of the major British players in Falkland Islands offshore oil development, Premier Oil and Rockhopper Exploration, cancelled a joint venture contract with Ocean Rig UDW.

US Oil Drillers Cut Rigs to Least in 6 Years

U.S. energy firms this week cut oil rigs for an eighth week in a row to the lowest levels since January 2010, data showed on Friday, as energy firms continue to

Government Update

DP World Bolsters Investment in India

DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations.

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

NATO Sea Mission Launched against Migrant Traffickers

NATO ships are on their way to the Aegean Sea to help Turkey and Greece crack down on criminal networks smuggling refugees into Europe, the alliance's top commander said on Thursday.

Offshore Energy

Premier Oil and Rockhopper Abandon Ocean Rig Contract

Two of the major British players in Falkland Islands offshore oil development, Premier Oil and Rockhopper Exploration, cancelled a joint venture contract with Ocean Rig UDW.

US Oil Drillers Cut Rigs to Least in 6 Years

U.S. energy firms this week cut oil rigs for an eighth week in a row to the lowest levels since January 2010, data showed on Friday, as energy firms continue to

Eni, Exxon, Statoil Win Irish Offshore O&G Licences

The Irish government said on Thursday it had awarded oil and gas licences to companies including oil majors Eni, Exxon and Statoil , allowing them to explore for hydrocarbons off the coast of Ireland.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.1109 sec (9 req/sec)