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10:22 AM
Crude oil production in the Organisation of Petroleum Exporting Countries (OPEC) went up by 1,20,000 barrels per day in March. Platts, an international leading agency on oil markets in its latest survey for the month of March has put the average crude oil output at 31.39 million barrels per day.
AIR correspondent reports, the Platts report says the crude oil output has gone up because of increased production by Iraq, Libya and Saudi Arabia. However it was partly offset by a decrease in yield over 200,000 barrels per day from Angola and Iran. The output from Iran fell 100,000 barrels per day to 3.4 million barrels per day. The report said, the impact of EU ban on import and transport of Iran oil is showing. Refineries are seeking replacement supplies or, because of insurance issues it is difficult to find ships willing to carry Iranian crude.
The report added that the threat of US sanctions on countries which do not reduce their imports of Iranian oil is also impacting Iran’s oil exports. However, the silver linings have been an increased output from Iraq, Libya and Saudi Arabia. Iraqi volumes showed a sizeable increase with higher exports. Libyan output has continued to recover and is now just 250,000 barrels per day short of pre-uprising levels. The steady supplies have also resulted in maintaining the oil prices within a manageable limit.
AIR correspondent reports, the Platts report says the crude oil output has gone up because of increased production by Iraq, Libya and Saudi Arabia. However it was partly offset by a decrease in yield over 200,000 barrels per day from Angola and Iran. The output from Iran fell 100,000 barrels per day to 3.4 million barrels per day. The report said, the impact of EU ban on import and transport of Iran oil is showing. Refineries are seeking replacement supplies or, because of insurance issues it is difficult to find ships willing to carry Iranian crude.
The report added that the threat of US sanctions on countries which do not reduce their imports of Iranian oil is also impacting Iran’s oil exports. However, the silver linings have been an increased output from Iraq, Libya and Saudi Arabia. Iraqi volumes showed a sizeable increase with higher exports. Libyan output has continued to recover and is now just 250,000 barrels per day short of pre-uprising levels. The steady supplies have also resulted in maintaining the oil prices within a manageable limit.
Labels: oil price
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