OPEC pumps 30.38 m bpd in June



REUTERS

Published — Sunday 30 June 2013

Last update 30 June 2013 7:13 am

| نسخة PDF Print News | A A

LONDON: OPEC crude output has fallen in June due to disruptions in Libya and Nigeria, a Reuters survey has found, inadvertently bringing supply closer to the organization’s target.
Supply from the Organization of the Petroleum Exporting Countries has averaged 30.38 million barrels per day (bpd), down from a revised 30.46 million bpd in May, the survey of shipping data and sources at oil firms, OPEC and consultants found.
The survey shows violence is making African producers OPEC’s weakest supply link and the ambitious plans of Iraq, its second-largest producer, to expand exports are facing headwinds.
In June, largely involuntary curbs by smaller OPEC producers have outweighed extra crude from its top exporter, Saudi Arabia, which has ramped up supply in response to a seasonally higher requirement for crude in domestic power plants.
“It’s Nigeria, Libya and Angola mainly,” said a participant in the survey who declined to be identified. “This decline should support prices and you could make a case for it continuing for the next few months.”
OPEC’s June output is the lowest since March 2013, when the group pumped 30.18 million bpd, according to Reuters surveys, and leaves supply a mere 380,000 bpd above its output target of 30 million bpd.
With oil just above Saudi Arabia’s preferred level of $ 100, OPEC at a meeting on May 31 in Vienna agreed to maintain the 30 million bpd target, leaving the door open for informal Saudi supply tweaks depending on demand.
The most notable drop in OPEC output has come from Libya.
Protests at oil fields and terminals led to supply falling below 1 million bpd earlier in June, according to the state oil company, although production recovered later in the month.
Supply in Nigeria, increasingly disrupted by oil spills, flooding and theft, remains under downward pressure. Output of Nigerian Usan crude, originally expected to amount to four cargoes in June, was offline for most of the month.
The Usan operator, Total, declared a force majeure on loadings which is still in place. Another Nigerian crude grade, Bonny Light, remains under force majeure.
Iraq’s exports have slipped to 2.35 million bpd so far in June due to poor weather disrupting loadings in the south and interruptions to pipeline flow in the north of the country, according to shipping data and industry sources.
Supply fell in Angola due to export scheduling. Shipments of grades including Saxi and Plutonio crude were lower than in May, when exports rose.
Iranian crude exports were estimated at around 1.1 million bpd in May and the survey found no significant change in June.
US and European sanctions on Iran have more than halved its exports since early 2012.
Meanwhile, global spare oil production capacity slipped in May and June from the previous two months, but was above levels during the same period last year, the US government has said.
The spare capacity slipped to 2.4 million barrels per day in May and June, down about 0.4 million bpd from the previous two months, but up 0.3 million bpd versus May and June last year, the Energy Information Administration report said.
Sam Napolitano, an EIA analyst, said the slip in spare capacity was mainly the result of adjustments in production from Saudi Arabia and other OPEC countries.
Global production of liquid fuels averaged 89.9 million barrels a day in May and June, up about 1 million bpd from the previous two months, which the EIA revised up 0.7 million bpd to 88.9 million bpd.
Global liquid fuels production outpaced consumption resulting in a 0.2 million bpd build in global oil stocks in May
and June. Part of the gains came as production rose in some non-OPEC countries, including the United States, Sudan and South Sudan, the report said.

What's happening around Saudi Arabia

UN Secretary General Ban Ki-moon and Saudi Arabia’s permanent representative to the UN Abdullah Al- Muallami unveiled a beautifully framed old kiswa (covering) of the door of the Holy Kaaba at one of the newly refurbished halls of the world body. The...
A policeman was shot dead by an unknown gunman in Qatif in the Eastern Province on Tuesday night.According to a spokesman of the Eastern Province police, the firing took place at 11:30 p.m. in a suburb called Al-Jishi.The targeted police officer was...
JEDDAH: Jeddah Show, one of the many events of Jeddah Summer Festival 36, is attracting a large number of visitors. The sound-and-light show is being run at the Jeddah International Exhibition and Convention Center.The show tells the story of the Bri...
JEDDAH: The Riyadh Traffic Department carried out extensive campaigns on the main streets, intersections and squares in the city to boost traffic safety levels and discourage bad driving.During the first 72 hours of the campaign, traffic personnel re...
RIYADH: One of two women infected with the Middle East Respiratory Syndrome coronavirus (MERS-CoV) died here in Riyadh, while the other patient is being treated at a hospital in Al-Kharj, some 60 km from the capital. Since June 2012, the Ministry of...
AL-AHSA: Approximately 20,000 tons of Al-Ahsa dates are planned to be marketed abroad during the new dates season.Muhammad Ismail, director general of the King Abdullah City for Dates (KACD), said: “The authorities in the city are planning to increas...
JEDDAH: Al-Bagdadiya neighborhood residents in Jeddah are living in a state of worry because of 20 abandoned houses, which serve as hideouts for criminals.Residents said some houses are on the verge of collapse and have turned into shelters for crimi...
JEDDAH: A committee consisting of representatives from the Hail governorate, municipality, health department and the Saudi Food and Drugs Administration (SFDA) has ordered the closure of a restaurant in the city’s industrial area.Twelve people suffer...
The board of the Saudia Standards, Metrology and Quality Organization has announced that mandatory application of the regulations on new tires produced or sold in the Kingdom will commence in November this year.The board explained that the technical...
JEDDAH: The number of people with mental health issues or depression is increasing in Saudi Arabia due to urbanization, marital or relationship problems, and not being able to keep up with rapid progress. A Saudi mother said that her daughter suffers...
JUBAIL: Jubail beaches are expected to receive many tourists during September as a large number of people usually head to the city once the summer gets cooler to enjoy their holiday here.As part of the beach preparations for this season, the Social S...
RIYADH: More than 50 percent of vehicle users in the Kingdom are not satisfied with the after-sales service of auto agencies in the Kingdom.In a survey conducted by the Ministry of Commerce and Industry (MCI) to evaluate the performance of automobile...
JEDDAH: The Appeals Court has upheld the verdict issued by a specialized penal court which sentenced Dr. Said bin Zair to four years in prison from the date of his arrest in 1428.According to the ruling, the academician is also banned from traveling...
JEDDAH: Health authorities in the Eastern Province are expected to issue a decision soon against four Saudi nurses accused of “negligence” for an incident which led to the amputation of the hand of a Saudi girl after they tried to insert a needle in...
JEDDAH: The Jeddah municipality has closed down a popular restaurant following the discovery of a rat rummaging through food items.The rat act was captured on video and posted on social media websites. It went viral, prompting the authorities to laun...

Stay Connected

Facebook