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radcaton Mar 18, 2015 10:36am
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RE:RE:The Long Shot
RE:RE:The Long ShotIts a start....
OPEC pumps least oil since June as weather hits Iraq exports and output weakens in Libya
AP Photo/Manu Brabo, FileThe Organization of Petroleum Exporting Countries pumped 30.022 million barrels a day last month, about 138,000 a day less than January, according to the 12-nation group’s monthly market report.
OPEC said its production declined to the lowest level since June as bad weather disrupted supplies in Iraq and output weakened in Libya and Nigeria.
The Organization of Petroleum Exporting Countries pumped 30.022 million barrels a day last month, about 138,000 a day less than January, according to the 12-nation group’s monthly market report. It didn’t change forecasts for global oil demand and the amount of crude it will need to produce this year. Low prices may start to crimp U.S. shale output toward the end of the year, it said.
Exports from Iraq, OPEC’s second-biggest member, were curbed by bad weather at the country’s southern ports, while Libya’s output has been disrupted amid political feuding between the government and its Islamist rivals. Oil slipped to a six-year low in New York on Monday on signs that U.S. production is withstanding the price rout.
“Crude oil output decreased mostly from Iraq, Nigeria and Libya, while production showed increases in Saudi Arabia and Kuwait,” the organization’s Vienna-based research department said.
The supply losses leave OPEC’s output in line with its target of 30 million daily barrels, first agreed in 2011 and upheld at a meeting in November. Production is about 1.9 million barrels a day higher than the 28.1 million the group estimates will be needed from it during the second quarter.