Arab Today, arab today opec crude oil supplies rose 500000 per barrel in february
Last Updated : GMT 18:13:09
Arab Today, arab today
Arab Today, arab today

OPEC crude oil supplies rose 500,000 per barrel in February

Arab Today, arab today

Arab Today, arab today OPEC crude oil supplies rose 500,000 per barrel in February

Paris - KUNA

Global oil supplies rose by 600,000 barrels per day in February, bringing overall output to 92.81 million barrels per day (bpd), and OPEC producer group accounted for 500,000 bpd of that increase, the International Energy Agency (IEA) said in a report on Friday. February production levels were over 2.0 million bpd higher than levels at this time in 2013. The increase did not greatly affect overall crude prices, which edged higher last month with WTI futures trading about USD 100/barrel for the first time in five months. Cold weather and refinery demand helped buoy prices in February but both blends eased in early March, when WTI was trading at USD 98.20/barrel, while Brent crude was trading at around USD 108/barrel. The IEA remarked that the non-OPEC producers had increased output by an average of 1.3 million bpd in 2013 and are expected to further increase production by 1.7 million bpd this year. This is "the highest rate of growth since at least the early 1990s, driven primarily by the US and Canada," the IEA report said. Output growth is also expected in Russia, China and Brazil this year. Last month, OPEC supply broke the 30 million bpd barrier for the first time in five months, reaching 30.49 million bpd, led by a surge in Iraqi output which is now at a 35-year high. Iraqi output was estimated to have firmed by 15 percent to reach 3.62 million bpd last month. Saudi Arabia also increased production and the "call on OPEC crude" for the second half of 2014 now stands at 30.2 million bpd, up 250,000 bpd on earlier benchmarks. Meanwhile, global oil demand for 2014 is forecast to rise by 1.4 million bpd to 92.7 million bpd in view of stronger economic fundamentals. Most of the increased demand is expected to come from the emerging markets, nonetheless. The industrialised nations' oil reserves fell against the usual trend in January and stock draw accounted for a fall of 13.2 million barrels that month. Total OECD inventories now stand at 2.55 billion barrels and the strong draw on stocks has led to a sell-off of the US Strategic Reserve, which will provide 5 million barrels of stocks to the market beginning in April due to very cold weather in the US.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today opec crude oil supplies rose 500000 per barrel in february Arab Today, arab today opec crude oil supplies rose 500000 per barrel in february

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom,China plunges into biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 21:32 2017 Friday ,24 February

Dubai announces crude oil price for May

GMT 13:37 2017 Thursday ,23 February

Oman oil price rises 30 cents

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday