LONDON, March 9, 2011 /PRNewswire/ -- Platts - The 12-member Organization of the Petroleum Exporting Countries' (OPEC) crude oil production output jumped to an average 29.8 million barrels per day (b/d) in February, as Saudi Arabia continued to boost production, according to a just-released Platts survey of OPEC and oil industry officials and analysts. This is up 230,000 b/d from an estimated 29.57 million b/d in January. The increase more than offset the drop in Libyan supplies, estimated to have averaged 190,000 b/d over the month, as the deepening conflict hit the North African country's oil production and exports in the final week of February.
LONDON, Feb. 9, 2011 /PRNewswire/ -- Platts - The 12-member Organization of the Petroleum Exporting Countries' (OPEC) crude oil production averaged 29.57 million barrels per day (b/d) in January, up 300,000 b/d from December and the highest level in more than two years, according to a just-released Platts survey of OPEC and oil industry officials and analysts. The month-on-month gain from December's estimated 29.27 million b/d came as a result of a significant boost in Iraqi crude exports. Excluding Iraq, which does not participate in OPEC output agreements, the 11 members bound by quotas (OPEC-11) pumped an average 26.91 million b/d, up 70,000 b/d from December's 26.84 million b/d, the survey found. The OPEC-11 has operated under a 24.845 million b/d production target that's been in pl...
LONDON, Jan. 10, 2011 /PRNewswire/ -- Platts -- The 12-member Organization of the Petroleum Exporting Countries' (OPEC) crude oil production averaged 29.27 million barrels per day (b/d) in December, up 170,000 b/d from an estimated 29.1 million b/d in November, according to a just-released Platts survey of OPEC and oil industry officials and analysts. Excluding Iraq, which does not participate in OPEC output agreements, the 11 members bound by quotas (OPEC-11) pumped an average 26.84 million b/d, up 140,000 b/d from November's 26.7 million b/d, the survey found.
LONDON, Dec. 6, 2010 /PRNewswire/ -- Platts - Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) averaged 29.1 million barrels per day (b/d) in November, a drop of 70,000 b/d from October levels, a just-released Platts survey of OPEC and oil industry officials and analysts showed. These numbers are a shocker," said John Kingston, Platts global director of news. "In the fourth quarter, the world traditionally draws inventories, and the rate of inventory decline is going to be accelerated by this unexpected decline from OPEC. This output decline is not coming as a result of any sign of a decline in demand, so it's fair to say that Platts' survey estimates this month is one of the most bullish we've reported in a long time.
Would you bet your life on the stability of Saudi Arabia? No? Then how about the American economy? As chaos spreads through the Arab world, these are the questions every U.S. policymaker needs to confront. The world is in deep recession. Yet as a result of the systematic constriction of oil production by the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) oil cartel, petroleum prices stand at more than $90 per barrel. That is a fourfold increase since 2003, eightfold since 1999 and thirtyfold since 1972. At $90 a barrel, Americans this year will pay $720 billion for oil. This is an increase of more than $500 billion over what we paid in 2003, equal in economic burden to a 20 percent increase in income taxes, except that instead of the cash going to Uncle Sam, it will ...
The Organization of the Petroleum Exporting Countries, or OPEC, could decide to slow oil production, which likely would halt the price drop or even trigger a minor increase, Kamholz said.
Some major airlines are trying to revive fare increases for high- end tickets after failing to impose bigger price increases last week. The move comes as airlines are worried about the prospect of higher jet fuel prices. Oil prices surged to their highest levels in more than two years Tuesday as violence in Libya raised fears that oil production could be threatened there or in other OPEC countries.
NEW YORK (AP) - Oil prices surged above $85 a barrel Monday for the first time after OPEC said crude production by non-OPEC countries is falling even as global demand for oil is rising. Prices also rose on concerns that Turkish forces will pursue Kurdish rebels into Iraq, disrupting oil supplies, and by technical buying by investment funds.
HOUSTON - To understand why OPEC's largest single production cut ever failed to lift oil prices, look no further than today's headlines. OPEC and other oil-producing countries can't cut production fast enough to stay ahead of plummeting demand as millions of people lose their jobs and stop driving, factories shut down and the world settles in for the worst economic slowdown in a generation.
In reality, if and when the growth of oil consumption seriously depletes reserves, the cost of extracting oil will have risen to such a high level that non-fossil energy sources will be used in preference to oil and other remaining fossil fuels - Europe's vast deposits of coal are currently lying dormant for this very reason. Organization of Petroleum Exporting Countries (OPEC) data for 2003 show they contributed 48% and 22% of global oil and gas production, respectively. The NOCs of particular interest were Saudi Aramco, Kuwait Petroleum Corporation, The National Iranian oil Co. (NIOC), Sonatrach of Algeria, and the Abu Dhabi National oil Co. - oil titans that produce one-quarter of the world's oil and hold half the world's known gas reserves.
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