LONDON (Reuters) – Iraq’s oil exports have slipped so far in April to 2.92 million barrels per day (bpd), according to loading data and industry sources, although shipments from OPEC’s second-largest producer remain close to a record high.
If sustained, Iraq’s exports this month will be just short of the record of 2.98 million bpd set in March. Another strong month from Iraq adds to signs of continued high output from major members of the Organization of the Petroleum Exporting Countries.
LONDON, April 17 (Reuters) – OPEC should consider
re-introducing individual output quotas, shuffled quietly to
one side in 2008, to prevent oversupply hitting prices should
Iran increase its oil exports following a deal over its nuclear
work, an OPEC delegate said.
A proposal to reintroduce quotas would spark a fierce debate
in the Organization of the Petroleum Exporting Countries as
national prestige and market share are at stake.
LONDON (Reuters) – Oil eased below $64 a barrel on Friday as evidence this week of rising crude supplies from OPEC members outweighed signs of a slowdown in U.S. output and Middle East tensions.
Brent crude was still within sight of its 2015 high reached on Thursday and has rallied 16 percent in April, supported by conflict in Yemen and the prospect that lower prices are starting to curb U.S. shale output.
LONDON, April 16 (Reuters) – OPEC’s oil output has surged in
March, the producer group said in a report, adding to excess
supply in the market despite more evidence that its strategy of
letting prices fall to hurt other producers is taking effect.
In a monthly report on Thursday, OPEC said demand for its
oil this year would be 80,000 barrels per day (bpd) higher than
previously thought as lower prices curb supplies in the United
States and other non-member countries.
LONDON, April 15 (Reuters) – World oil markets may take
longer to tighten than expected due to a surge in OPEC supply
and a potential rise in Iranian exports, even as demand shows
signs of strength, the International Energy Agency said on
The agency raised its forecast for global oil demand growth
in 2015 for a second consecutive month, citing
stronger-than-expected pockets of demand in markets such as
Europe, India and the United States.
LONDON (Reuters) – Oil edged further below $57 a barrel on Friday, pressured by evidence of ample supplies including the biggest jump in U.S. inventories since 2001 and Saudi Arabian output reaching a record high.
Brent crude was still heading for a weekly gain, having rallied on Thursday in response to strong German economic data that lifted the oil demand outlook and easing concern about a rapid rise in Iranian oil supplies.
LONDON, April 8 (Reuters) – OPEC should change course and
cut oil supply by 800,000 barrels per day (bpd) or more to
prevent an expected return of Iranian exports from weighing on
prices, Libya’s OPEC governor said.
The comments underline how the halving of oil prices
from $115 a barrel in June on global oversupply is hurting
OPEC’s less wealthy members outside the Gulf and suggests the
12-nation group remains divided over the impact of its 2014
policy shift to defend market share, not prices.
LONDON (Reuters) – OPEC oil supply has jumped in March to its highest since October as Iraq’s exports rebounded after bad weather and Saudi Arabia pumped at close to record rates, a Reuters survey found, a sign key members are sticking to their effort to regain market share.
The increase from the Organization of the Petroleum Exporting Countries adds to excess supply in the market, despite some signs that the halving of crude prices since June 2014 is encouraging higher oil demand.
LONDON, March 18 (Reuters) – OPEC efforts to bring
non-member countries such as Russia on aboard in cutting output
have made little progress, officials say, and even the chance of
more Iranian exports hitting prices if sanctions end is unlikely
to boost cooperation.
Since the oil price collapse, top OPEC exporter Saudi Arabia
has said it wanted non-OPEC producers to cooperate with the
group. But a plan for a meeting between the two
sides this month appears to have been shelved.
LONDON, March 16 (Reuters) – OPEC members’ own versions of
their oil output were for years greeted with such scepticism
that the group resorted to publishing what others thought they
That gave rise to a mini-industry of OPEC watchers, tapping
secretive sources to track every barrel. Output was hotly
contested when the group squabbled over member quotas, which
have since been abandoned.