Saudis pump most oil in 30 years, boosting OPEC output, says IEA
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Wed August 10, 2011 10:50 am

INTERNATIONAL. Saudi Arabia pumped the most oil in three decades last month, reaching 9.8 million barrels a day and boosting OPEC production, the International Energy Agency said. Increased output in Angola helped replace lower supply in Libya.

Daily supply from the 11 Organization of Petroleum Exporting Countries members bound by quotas rose to 27.37 million barrels a day in July from 27.22 million in June, the Paris-based IEA said today in its monthly oil market report.

“Output has regained levels close to those seen before the Libyan crisis, although OPEC spare capacity now stands at only 3.3 million barrels per day,” the IEA said. Production by the 12-member group is still below what the market demands, even as Saudi Arabia ramps up output to the highest level since 1981.

Added Saudi production has replaced almost 70% of lost Libyan crude. The kingdom will boost output further to ship an extra 3 million barrels of oil to India in August to compensate for a reduction in Iranian supplies, the IEA said.

Output in Iran, OPEC’s second-biggest producer, fell to the lowest in more than eight and a half years, dipping to 3.53 million barrels a day, the IEA said. Exports to India were reduced by a seven-month dispute over payments.

Libya’s daily production slumped by a further 20,000 barrels in July to 60,000 barrels. Output is now reportedly entirely shut in, down from about 1.6 million barrels of daily output at the end of last year, due to violence between anti- government rebels and forces loyal to Muammar Qaddafi.

Angola pumped 1.66 million barrels a day in July, its highest output in a year, after completing maintenance on fields, the IEA said. Capacity may rise to 2 million barrels a day by the end of the year as new projects begin producing, according to the report.

 

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