Green Energy
Reuters:
Saudi oil minister says mkt oversupplied, cuts output
By Amena Bakr and Reem Shamseddine
KUWAIT | Sun Apr 17, 2011 8:03pm IST
KUWAIT (Reuters) - Saudi Arabia Oil Minister Ali al-Naimi said on Sunday the world oil market was oversupplied and that the kingdom had reduced production in March due to weak crude demand.
Oil consumers have urged OPEC to quickly add supply to the market to quell the rally in crude prices that has taken oil to its highest level in two and a half years amid unrest in North Africa and the Middle East.
Other OPEC ministers have insisted the market is well supplied and there is nothing the group can do to stop prices from going higher while there is not unmet demand for crude.
"The market is overbalanced... Our production in February was 9.125 million barrels per day (bpd), in March it was 8.292 million bpd. In April we don't know yet, probably a little higher than March. The reason I gave you these numbers is to show you that the market is oversupplied," Naimi told reporters.
OPEC will meet to discuss production policy in June.
Naimi declined to comment on the current price of crude but said Saudi production "may be higher" in April than in March.
A Reuters survey estimated Saudi Arabia produced 9 million bpd in March, up from 8.65 million bpd in February.
Two Saudi-based industry sources told Reuters last week the kingdom had cut production by 500,000 barrels per day (bpd) in response to weak demand.
Oil prices slipped early last week after Goldman Sachs analysts warned high oil prices may be eroding demand but rebounded on signs of renewed health in the U.S. economy on Friday.
Saudi Arabia and some other OPEC members unilaterally boosted oil production after the uprising in Libya shut down the bulk of the North African OPEC member's oil industry.
Naimi confirmed Saudi Arabia had sold 2 million barrels of its so-called special blend that state oil company Saudi Aramco produced as a substitute for Libyan crude oil that was lost to the market due to the Libyan unrest but market sources say demand for the blend has been muted.
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Green Energy
At $4 A Gallon for Gas, The Market's Oversupplied. Who Knew?
Reuters:
Saudi oil minister says mkt oversupplied, cuts output
By Amena Bakr and Reem Shamseddine
KUWAIT | Sun Apr 17, 2011 8:03pm IST
KUWAIT (Reuters) - Saudi Arabia Oil Minister Ali al-Naimi said on Sunday the world oil market was oversupplied and that the kingdom had reduced production in March due to weak crude demand.
Oil consumers have urged OPEC to quickly add supply to the market to quell the rally in crude prices that has taken oil to its highest level in two and a half years amid unrest in North Africa and the Middle East.
Other OPEC ministers have insisted the market is well supplied and there is nothing the group can do to stop prices from going higher while there is not unmet demand for crude.
"The market is overbalanced... Our production in February was 9.125 million barrels per day (bpd), in March it was 8.292 million bpd. In April we don't know yet, probably a little higher than March. The reason I gave you these numbers is to show you that the market is oversupplied," Naimi told reporters.
OPEC will meet to discuss production policy in June.
Naimi declined to comment on the current price of crude but said Saudi production "may be higher" in April than in March.
A Reuters survey estimated Saudi Arabia produced 9 million bpd in March, up from 8.65 million bpd in February.
Two Saudi-based industry sources told Reuters last week the kingdom had cut production by 500,000 barrels per day (bpd) in response to weak demand.
Oil prices slipped early last week after Goldman Sachs analysts warned high oil prices may be eroding demand but rebounded on signs of renewed health in the U.S. economy on Friday.
Saudi Arabia and some other OPEC members unilaterally boosted oil production after the uprising in Libya shut down the bulk of the North African OPEC member's oil industry.
Naimi confirmed Saudi Arabia had sold 2 million barrels of its so-called special blend that state oil company Saudi Aramco produced as a substitute for Libyan crude oil that was lost to the market due to the Libyan unrest but market sources say demand for the blend has been muted.
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From the Financial Times: High quality global journalism requires investment. The US is overtaking Saudi Arabia to become the world’s largest producer of liquid petroleum, in a sign of how its booming oil production has reshaped the energy sector. US...
-
myway: Iran warns Gulf Arabs on oil By TAREK EL-TABLAWY CAIRO (AP) - Iran warned Gulf Arab oil producers against boosting production to offset any potential drop in Tehran's crude exports in the event of an embargo affecting its oil sales, the latest...
-
In 6 years America will become the world’s largest oil producer once again “America is poised to become the world’s largest oil producer once again — nearly four decades after it lost the title,” writes The Sunday Times. Goldman Sachs,...
- Uh Oh..opec Has Troubles !
OPEC sees 'devastating contraction' in oil demand OPEC again revised down its estimate for world crude demand on Wednesday, saying a "devasting contraction" in consumption would keep prices under pressure in the months ahead. "In...
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