- Weather
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Max |
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40°C |
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Min |
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30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
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06 : 30 PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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03:58 am |
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Dhuhr |
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12:09 pm |
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Asar |
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03:30 pm |
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Magrib |
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06:50 pm |
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Isha |
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08:09 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
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16.97 |
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22ct / gm |
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16.60 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.60 |
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Euro |
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2.01 |
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Pound |
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1.71 |
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Indian Rs. |
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143.92 |
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Pak Rs. |
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255.82 |
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Bangla Taka |
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201.38 |
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Iran pumped 2.63 million barrels a day, up 30,000 barrels from January, according to the report. The group’s biggest producer after Saudi Arabia a year ago is now tied in sixth place. The UAE increased production by 50,000 barrels a day to 2.65 million in February. Kuwait’s output climbed 50,000 barrels a day to 2.95 million. Photo —File photo
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New York: Organisation of Petroleum Exporting Countries (Opec) crude output rose for the first time in six months as rising Libyan production outpaced a cut by Saudi Arabia, which has implemented a programme aimed at curbing excess supply and supporting prices, a survey showed.
Output in the 12-member Opec increased 97,000 barrels, or 0.3 per cent, to an average 30.70 million barrels a day this month from a revised 30.60 million in January, the survey of oil companies, producers and analysts showed.
The January total was revised 123,000 barrels a day higher, mostly because of a change to the Kuwaiti production estimate.
Brent crude for April settlement dropped 49 cents, or 0.4 per cent, to end the session at $111.38 a barrel on the London-based ICE Futures Europe exchange.
Brent is the benchmark contract for more than half the world's oil. West Texas Intermediate oil for April delivery fell 71 cents, or 0.8 per cent, to $92.05 a barrel on the New York Mercantile Exchange, the lowest settlement since December 31.
"The most interesting point is that the Saudis are sticking to their line," said Julius Walker, global energy markets strategist at UBS Securities in New York. "They've reduced production from nearly 10 million barrels in less than a year.
This shows their intention to do what it takes to keep prices at a level they are comfortable with." Saudi Arabia, Opec's biggest oil producer, pumped 9 million barrels a day this month, the lowest level since May 2011.
Output was down 100,000 barrels a day from January and 900,000 barrels from May, when production reached the highest level since at least January 1989.
Overseas demand
The kingdom denied last month what it said were suggestions that it cut oil production to push prices higher and attributed the reduction to weaker demand, according to Ibrahim Al Muhanna, an adviser to oil minister Ali Al Naimi. Consumption fell in Saudi Arabia after peaking in the summer, Muhanna said. Overseas demand also dropped because of slower euro-area growth and concerns about budgetary challenges in the United States, he said.
"The Saudis have done what they needed to do to eliminate a glut of crude in the market," Emerson said. "Brent is safely above $100 a barrel so they can stop cutting back. They will probably increase production in the second quarter."
Libyan output increased 130,000 barrels to 1.24 million this month, the biggest gain of any member, the report showed. Production rose because of the reopening of the country's Zueitina export terminal early this month.
Resumed shipments
The Zueitina port and pipeline pumping complex shut in late December because protesters prevented employees from going to their offices, leading state-run National Oil to suspend pumping crude into a pipeline. The harbour handled about 150,000 barrels a day of exports in 2010, according to data from the US Energy Information Administration.
Production in Libya plunged to 45,000 barrels a day in August 2011 from 1.585 million that January, the last month before an uprising that overthrew the government of Muammar Gaddafi disrupted output. "There was a relatively rapid recovery after the country's civil war but Libya's oil industry has been hit by a number of problems," Walker said.
"Libyan capacity has yet to reach pre-war levels. The production gain is a hopeful signal." Nigeria's output climbed 90,000 barrels to 2.08 million barrels a day in February, the survey showed. It was the second-biggest production advance. The country's production is recovering after flooding in September and October shut oil fields in the Niger River delta.
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