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2017-06-08 17:40:00

OPEC OIL PRODUCTION UP: 32.12 MBD

OPEC OIL PRODUCTION UP: 32.12 MBD

AOG - The rise in crude production, despite the Organization of Petroleum Exporting Countries joining hands with a Russia-led group of 11 non-OPEC oil producers, to extend the production cut deal till March next year, is being attributed to a sharp recover of output in Libya and Nigeria – the two OPEC members that were exempted from complying with the pact, according to Platts.

Despite the high compliance from the cartel's biggest producer and de facto leader Saudi Arabia, as well as from Angola, output jumped from the two excepted OPEC members, and Iraq continued to under-comply significantly, increasing its production in May, the Platts survey showed.

According to the survey, Nigerian output increased last month to 1.73mn bpd, up by 80,000 bpd from April, and the highest level since March 2016, due to the restart of Forcados crude exports. According to Platts shipping data, two Suezmax tankers fully laden with crude oil set sail from Nigeria's Forcados terminal at the end of May.

In Libya, crude output increased by 180,000 bpd to 730,000 bpd in May – the highest level since October 2014 – with the giant Sharara field resuming production, and exports from both key eastern and western ports rising steadily.

Expectations are that output from Libya and Nigeria will continue to rise in the summer, which will be, for OPEC, a 'tricky period in its attempt to accelerate the market's rebalancing', Platts said.

While production at OPEC's no1 producer Saudi Arabia dropped to 9.93mn bpd in May, down 40,000 bpd from April, output at the cartels no 2 producer – Iraq – increased, by 70,000 bpd to 4.43mn bpd in May, the Platts survey found.

Iraq continues to apparently disregard the output cut deal, and its compliance in the first five months of the deal is 70%, one of the least-compliant producers, according to calculations by Platts.

OPEC's no.3 producer Iran – which was allowed to slightly raise and cap output at 3.797mn bpd in the deal – was just below that level, at 3.78mn bpd in May.

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Earlier: 

BAD NEWS FOR OPEC 

OPEC & NON-OPEC AGREEMENT 

OPEC: THE LOWEST REVENUES 

OIL PRODUCERS CUTTING 

OIL MARKET IS MOVING 

OPEC OIL PRODUCTION: 31.85 MBD 

OPEC OIL EXPORTS

 

 

Tags: OPEC, OIL, PRODUCTION

Chronicle:

OPEC OIL PRODUCTION UP: 32.12 MBD
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DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

OPEC OIL PRODUCTION UP: 32.12 MBD
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TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

OPEC OIL PRODUCTION UP: 32.12 MBD
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

OPEC OIL PRODUCTION UP: 32.12 MBD
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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