21233
Saudis Pump Record Oil
Energy

Saudis Pump Record Oil

Saudi Arabia told OPEC it raised oil production to a record as the organization forecast stronger demand for its members’ crude in 2016.
The world’s biggest oil exporter pumped 10.564 million barrels a day in June, exceeding a previous record set in 1980, according to data the kingdom submitted to the Organization of Petroleum Exporting Countries, Bloomberg reported.
The group sees “a more balanced market” in 2016 as demand for its crude strengths and supply elsewhere falters.
OPEC said it expects expanding oil consumption to outpace diminished output growth from rival producers such as US shale drillers, whittling away a supply glut.
The strategy is taking time to have an impact, with crude prices remaining 46% below last year's levels and annual US production forecast to reach a 45-year high.
“Saudi Arabia is still pursuing a market-share strategy,” said Torbjoern Kjus, an analyst at DNB ASA in Oslo. “They need more oil domestically for air-conditioning in the summer, so they could choose to either produce more or reduce exports. Clearly, they choose to produce more.”
Brent crude futures fell 1.9% to $57.63 a barrel on the London-based ICE Futures Europe exchange, extending a 2.6% loss last week.

Short URL : http://goo.gl/n7tQ7H

You can also read ...

Turkey Cuts Iran Oil Imports
Turkey’s biggest oil importer Tupras has cut back purchases of...
US Oil Industry Lobbies Against Russia Sanctions
The US oil and gas industry is lobbying against tighter...
Lack of Wind Jeopardizes UK Turbine Investments
It has been a stifling summer of disappointment for investors...
Tabriz Refinery Signs Tail Gas Agreement
Tabriz Oil Refining Company signed a $12 million agreement on...
Kuwaiti Crude Heading for Japan
Kuwait's newly launched Super Light crude oil is increasingly...
MAPNA Ready to Increase Installed Power Capacity
Iran's top engineering and energy enterprise MAPNA Group is...
EOR Operations Underway at North Yaran Oilfield
Operations are underway to increase oil production at North...
ICOFC Intends to Boost Gas Condensate Output
The state-owned Iranian Central Oil Fields Company plans to...

Trending

Googleplus