OPEC output falls in April due to Libyan crisis: Reuter's survey
The Libyan crisis has hampered OPEC's supplies despite extra suppplies of Saudi and Nigerian oil
Ahram Online, Reuters, Tuesday 3 May 2011
The Organisation of Petrol Exporting Countries (OPEC) output fell further in April as fighting in Libya and field maintenance in Angola cut supplies, despite extra oil from Saudi Arabia and Nigeria, a Reuter’s survey found.
According to the survey, which interviewed oil companies and OPEC officials and analysts, the average production of 12 members of the Organization (OPEC) was at 28.42 million barrels per day last month, down from 28.48 million barrels per day in March.
The production of Saudi Arabia, the largest oil exporter in the world is down by 700 thousand barrels per day of initial estimates. The Saudi Oil Minister Ali Al-Naimi said on 17 April that the kingdom has reduced its production in March as a result of a glut in supply.
The survey showed that the Libyan crisis has hampered the OPEC supply to grow in line with the recovery of global demand and rising prices.
This is the third monthly decline in OPEC production in a row, after hitting 29.63 million bpd in January, its highest level since December 2008.