15020
Oil Falls as Saudi Output Remains High
Energy

Oil Falls as Saudi Output Remains High

Oil prices fell to under $63 a barrel on Monday after Saudi Arabian Oil Minister Ali al-Naimi said production in the world's biggest crude exporter would stay near record peaks around 10 million barrels per day (bpd) in April.
"I have said many times we will always be happy to supply to our customers with what they want. Now they want 10 million," Naimi told Reuters on Monday in Seoul, where he is due to attend a board meeting of the state oil firm Saudi Aramco.
Naimi earlier this month said Saudi Arabia produced 10.3 million bpd of crude in March, eclipsing a previous record of 10.2 million bpd, in what is seen as a move to defend market share against non-OPEC competition, including the United States.
Brent crude was trading down 82 cents at $62.63, down from an intraday peak of $64.34 Monday. US crude for May delivery was down 42 cents at $55.32 a barrel, down from an early high of $56.65. US oil drilling rigs fell for a record 19th straight week to the lowest since 2010, data from oil services firm Baker Hughes showed, which has helped lift prices from six-year lows reached in January.
Since the beginning of April, oil prices have risen around 17 percent, pushed up by reports of a possible dip in US output, but Morgan Stanley warned that Saudi production could be more important than developments in the United States.
"We worry about the market's fixation on the US ... OPEC production may be more important as production increased one million barrels per day month-on-month in March. Saudi Arabia alone added the equivalent of half of Bakken (the largest US shale oilfield) production in a matter of months – far beyond any US slowdown," the bank said in a note.

 

Short URL : http://goo.gl/2Pc2lC

You can also read ...

Tabriz Oil Refinery
Operations to swap crude oil consignments shipped from...
An oil spill near Kuwait’s Ras al-Zour in Persian Gulf waters.
Major oil exporter Kuwait is dealing with another crude oil...
Domestic Firm to Build 1ts SP Phase 11 Platform
An unnamed Iranian company will build the first jacket...
Kharg NGL Project Gathers Momentum
Iranian Offshore Oil Company will hand over the development of...
Total SA Steps Up Renewables Drive
Oil major Total moved forward with its plan to expand in the...
NIOC could trim exports by at least 1 million barrels next month.
The National Iranian Oil Company has informed buyers in Asia...
Iraq Rules Out Further Crude Cuts
Iraq does not see the need for more output cuts now, but if...
Brent, WTI Prices Steady
Oil markets held largely steady on Tuesday, even as OPEC...

Trending

Googleplus