Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



OPEC oil output hits 2-year low in October
Published in Daily News Egypt on 03 - 11 - 2013

Reuters – OPEC's oil output has fallen below 30 million barrels per day (bpd) for the first time in two years in October, a Reuters survey found, as near-record Saudi Arabian output failed to offset disruption in Libya and lower supply from Iran and Nigeria.
Supply from the Organization of the Petroleum Exporting Countries has averaged 29.90 million bpd, down from a revised 30.01 million in September, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.
The survey further illustrates the drag on OPEC output from problems in African producers and sanctions on Iran. But rising shale oil supply from the United States has limited the outages' impact on prices, which at $109 a barrel are down over $8 from their 2013 peak.
"The Atlantic Basin continues to be driven by the increase in U.S. production. If we did not have the increased supplies from the U.S., the lower OPEC production would have had a greater impact," said Olivier Jakob, an analyst at Petromatrix.
In October, renewed protests in Libya, plus disruption in Nigeria and a drop in Iranian sales outweighed a partial recovery in southern Iraqi exports and a third month of Saudi output at around 10 million bpd.
OPEC's October output is the lowest since October 2011, when the group pumped 29.81 million bpd according to Reuters surveys, and leaves supply below OPEC's nominal target of 30 million bpd for the first time since it came into effect in January 2012.
The biggest fall in supply was in Libya, where protests at oilfields and terminals again limited supplies. Output averaged 410,000 bpd during October and by the end of the month was below 300,000 bpd, according to the survey.
Libya is a long way away from bringing output back to 1.4 million bpd, the production rate earlier this year.
Iranian supply to market was estimated at 2.61 million bpd, down 90,000 bpd as less crude headed to China and India. US and European sanctions on Iran continue to restrain exports, despite a thaw in relations with the West from Iran's apparent willingness to compromise on its nuclear work.
In Nigeria, where output has been increasingly hit by spills and theft from pipelines, supply declined as Royal Dutch Shell again had to close the Trans Niger pipeline and warn it might miss shipments of Bonny Light crude.
Saudi Arabia, industry sources say, has kept output around 10 million bpd for the last three months. Supply edged lower in October due to a reduced requirement for crude to fuel domestic power plants, the survey found.
The kingdom lifted output to 10.05 million bpd in August, the highest since records began in 1980, according to figures from the US Energy Information Administration.
Iraq boosted oil exports in October due to a reduced impact from infrastructure work at its southern terminals. Exports from the south averaged 1.96 million bpd in October, according to shipping data, up from September's 1.82 million bpd.
But lower shipments of Kirkuk crude – due to bomb attacks on the pipeline to Turkey and a dispute with the Kurdistan Regional Government – limited the rise in exports overall.


Clic here to read the story from its source.