Call on OPEC Oil Increasing Say IEA

Press Release
Monday, May 14, 2012

International Energy Agency (IEA) reports call on 'OPEC crude & stock change' rising

IEA reports that global oil supply increased by 0.6 mbd to 91.0 mbd in April, 3.9 mbd above last year. Higher Iraqi, Nigerian and Libyan supplies lifted OPEC production by 0.41 mbd, to 31.85 mbd.

The ‘call on OPEC crude and stock change’ is raised by 0.2 mbd to 30.9 mbd for 3Q12 and by 0.4 mbd to 30.7 mbd for 4Q12, with the 2012 average now 30.3 mbd.

OPEC has increased output for seven months running and volumes are now nearly 3 mbd above April 2011 levels. Higher OPEC production has, in part, offset constrained non‐OPEC supplies stemming largely from unplanned outages. OPEC’s Gulf producers also appear to have ramped up output ahead of the anticipated disruption in Iranian crude flows in coming months as the EU’s 1 July oil embargo nears.

Global crude throughputs reached a seasonal low of 73.4 mbd in April, coinciding with a peak in refinery maintenance. Crude runs are expected to rise sharply from May onwards, as refiners complete turnarounds and meet seasonally stronger demand.
 

 

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Dry Bulk Carrier Newbuilding Orders Surge

Dry bulk carrier newbuilding orders predominate among the contracts reported in the latest issue of the Clarkson Hellas S&P Weekly Bulletin. Dry bulk carriers One

Imperial: Decision on Canadian LNG Project Distant

Imperial Oil Ltd said on Thursday it is not yet close to deciding on whether it will go ahead with a Canadian liquefied natural gas export plant it is exploring

Italian Pleads Guilty to Marine-hose Price-fixing in US

A former executive of Parker ITR Srl pleaded guilty on Thursday to conspiring to rig bids for marine hose and was sentenced to two years in prison, the U.S. Justice Department said on Thursday.

Energy

At Hamburg port E-mobility Project, BESIC enters crucial phase

Ten battery-operated heavy goods vehicles now transport containers between ships and the yard at the highly automated handling facility in the HHLA Container Terminal Altenwerder (CTA).

ExxonMobil Donates $13.4 Million to 'United Way of Greater Houston'

ExxonMobil employees and retirees raised a record $13.41 million for the United Way of Greater Houston during its 2013 community campaign, which was the largest

Ukraine Forces Kill Five Rebels

Ukrainian forces killed up to five pro-Moscow rebels on Thursday as they closed in on the separatists' military stronghold in the east, and Russia launched army drills near the border in response,

Fuels & Lubes

Knightsbridge, Frontline to Form US Capesize Company

Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge.

Marine Diesel Purification Breakthrough by SurePure

Liquid photopurification specialist company SurePure Inc. apprises of a breakthrough in the microbiological purification of contaminated marine diesel fuel, using

ABS Approves Design for GTTNA’s LNG Bunker Barge

GTT North America (GTTNA), the Houston-based subsidiary of French engineering and technology company Gaztransport & Technigaz SA (GTT), received approval in principle from ABS for the design of a 2,

Marine Power

At Hamburg port E-mobility Project, BESIC enters crucial phase

Ten battery-operated heavy goods vehicles now transport containers between ships and the yard at the highly automated handling facility in the HHLA Container Terminal Altenwerder (CTA).

Coast Guard groundbreaking ceremony recogizes new support facility

Representatives from the 14th Coast Guard District, Coast Guard Base Honolulu and Mortenson Federal Contracting Group participated in a groundbreaking ceremony

Rolls-Royce Wins Heyerdahl Award

Rolls-Royce has been awarded the maritime Heyerdahl Award 2014. The award was presented by His Majesty King Harald at the Norwegian Shipowners’ Associations Annual Conference in Oslo March 31.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Port Authority Ship Electronics Ship Simulators 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: 0.1335 sec (7 req/sec)