Friday, 11 March 2011 20:01 | The world oil market
BAGHDAD – London
- A shipping source said that Iraqi oil exports from the southern port of Basra fell to 840 thousand barrels per day on Friday from 1.704 million barrels per day on Wednesday due to bad weather …
The source, who asked not to be named “operations were suspended berthing and sailing ships on Friday because of bad weather.” “The winds make it impossible for ships to reach the anchors.”
Fluctuate and exports from Basra, the main export port in Iraq largely because of the weather and technical problems.
For its part, OPEC has been at the view that the world has adequate supplies of oil despite the lack of production, referring to Libya’s increased production from Saudi Arabia and other countries of the Organization and the seasonal slowdown in demand is imminent.
The Organization of Petroleum Exporting Countries (OPEC) in a monthly report on Friday that its production in February rose 110 thousand barrels per day to 30.02 million barrels per day – thanks to additional supplies from Saudi Arabia – the highest level since December December 2008 when OPEC agreed to cut a record production .
OPEC said that oil stocks will rise if production continued at the same level February and European oil refineries – which most affected by the lack of Libyan exports – had sufficient time to obtain alternative supplies.
The report said “Although solutions to the seasonal decline in demand, but the recent disruptions may give rise to some concern in the market, which lends itself to increased speculative activity.”
He added, “disrupt crude oil exports from northern Africa will affect mainly on the European refineries. Given the available stocks of petroleum products, the refiners will have enough time during the maintenance season to adapt to any new requirements.”
The price of Brent crude fell to less than $ 113 a barrel on Friday after a powerful earthquake shook Japan’s latest tsunami reached a height of ten meters and closed dozens of factories in the country’s third-largest oil consumer in the world.
He said ministers and OPEC officials said the organization does not need to hold an emergency meeting because supplies are plentiful. The next scheduled meeting of OPEC in June.
And often receive OPEC responsible for high prices on speculators and not supply shortages and says there is an increase in cash flows to the market.
Analysts said the report did not contain any reference to change the views of OPEC.
Said Harry Celingerian director of commodities research at BNP. Paribas. “I did not change the message .. it was not clear how much additional supply which Sidkhounha in the market.”
He added, “OPEC would prefer that blames the volatility on speculation and does not endorse communities to refrain from a great risk because of current developments.”
The report said that OPEC production of 30 million barrels a day will make the global oil inventories rise by about one million barrels per day in the first half of this year.
It predicted a decline in demand for OPEC oil to 28.7 million bpd in the second quarter because the end of winter in the northern half of the world reduces demand for heating fuel. This level is less than the annual average demand for OPEC oil, which has 29.8 million barrels a day.
OPEC said in the report it is prepared to take any further action, a renewed emphasis on its ability to supply the market by about six million barrels per day more if needed.
She added, “OPEC continues to monitor developments in the oil market closely and is ready to intervene when necessary to promote market stability
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BAGHDAD – London
- A shipping source said that Iraqi oil exports from the southern port of Basra fell to 840 thousand barrels per day on Friday from 1.704 million barrels per day on Wednesday due to bad weather …
The source, who asked not to be named “operations were suspended berthing and sailing ships on Friday because of bad weather.” “The winds make it impossible for ships to reach the anchors.”
Fluctuate and exports from Basra, the main export port in Iraq largely because of the weather and technical problems.
For its part, OPEC has been at the view that the world has adequate supplies of oil despite the lack of production, referring to Libya’s increased production from Saudi Arabia and other countries of the Organization and the seasonal slowdown in demand is imminent.
The Organization of Petroleum Exporting Countries (OPEC) in a monthly report on Friday that its production in February rose 110 thousand barrels per day to 30.02 million barrels per day – thanks to additional supplies from Saudi Arabia – the highest level since December December 2008 when OPEC agreed to cut a record production .
OPEC said that oil stocks will rise if production continued at the same level February and European oil refineries – which most affected by the lack of Libyan exports – had sufficient time to obtain alternative supplies.
The report said “Although solutions to the seasonal decline in demand, but the recent disruptions may give rise to some concern in the market, which lends itself to increased speculative activity.”
He added, “disrupt crude oil exports from northern Africa will affect mainly on the European refineries. Given the available stocks of petroleum products, the refiners will have enough time during the maintenance season to adapt to any new requirements.”
The price of Brent crude fell to less than $ 113 a barrel on Friday after a powerful earthquake shook Japan’s latest tsunami reached a height of ten meters and closed dozens of factories in the country’s third-largest oil consumer in the world.
He said ministers and OPEC officials said the organization does not need to hold an emergency meeting because supplies are plentiful. The next scheduled meeting of OPEC in June.
And often receive OPEC responsible for high prices on speculators and not supply shortages and says there is an increase in cash flows to the market.
Analysts said the report did not contain any reference to change the views of OPEC.
Said Harry Celingerian director of commodities research at BNP. Paribas. “I did not change the message .. it was not clear how much additional supply which Sidkhounha in the market.”
He added, “OPEC would prefer that blames the volatility on speculation and does not endorse communities to refrain from a great risk because of current developments.”
The report said that OPEC production of 30 million barrels a day will make the global oil inventories rise by about one million barrels per day in the first half of this year.
It predicted a decline in demand for OPEC oil to 28.7 million bpd in the second quarter because the end of winter in the northern half of the world reduces demand for heating fuel. This level is less than the annual average demand for OPEC oil, which has 29.8 million barrels a day.
OPEC said in the report it is prepared to take any further action, a renewed emphasis on its ability to supply the market by about six million barrels per day more if needed.
She added, “OPEC continues to monitor developments in the oil market closely and is ready to intervene when necessary to promote market stability
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