OPEC output reaches 3 year high, shows survey
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Wed February 1, 2012 9:32 am

INTERNATIONAL. Oil production in January by the Organization of Petroleum Exporting Countries rose to the highest level in more than three years, led by a rebound in Libyan output, a Bloomberg News survey showed.

Production increased 183,000 barrels, or 0.6%, to an average 30.9 million barrels a day in January from a revised 30.717 million the prior month, according to the survey of oil companies, producers and analysts.

Output was at the highest level since November 2008. The December total was revised higher by 50,000 barrels a day.

OPEC decided at a December 14 meeting in Vienna to increase its production ceiling to 30 million barrels a day, the first change in three years. The new target is for all members of the group, including Iraq, which had previously been exempt from monthly targets. The group will review quotas at its next meeting, scheduled for June 14.

Libyan output rose 225,000 barrels to 925,000 a day this month, the highest level since February, the survey showed. Production in the country had tumbled to 45,000 barrels a day in August from 1.585 million barrels a day in January 2011, the last month before an uprising that overthrew the government of Muammar Qaddafi disrupted output.

Saudi Arabia, OPEC’s biggest producer, decreased output by 50,000 barrels to 9.65 million barrels a day in January. December production was revised 50,000 barrels a day higher.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 12, 2016
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
date:Posted: February 11, 2016
INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
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