OPEC Says World's Oil Supply Is Sufficient
OPEC Says World's Oil Supply Is Sufficient
The Organization of Petroleum Exporting Countries (OPEC) on Friday maintained the view that the world's oil supply is sufficient despite the decline in Libyan production, citing increased output levels from other nations and pointing out that a typical seasonal slowdown in demand is looming.
In its monthly report, OPEC said February output increased by 110k barrels per day to just over 30 million barrels per day. It's the highest monthly output, the group said, since December 2008 when the group agreed to a record reduction.
The group said that oil stocks should rise if February's output is maintained and European refineries affected by the loss in Libyan crude had time to arrange alternate sources. “ Despite the onset of the low seasonal demand period, recent disruptions may create some anxiety in the market, providing grounds for increased speculative activity,” read the report.
“The impact of the disruption in North African crude oil exports will be mainly felt by European refineries. Considering the availability of product stocks, refiners should have enough time over the maintenance season to adapt to any new requirements.” OPEC's ministers, meanwhile, have decided that conditions do not warrant an emergency meeting, as the world's supply is okay. The group's next scheduled meeting is not until June.
The Organization of Petroleum Exporting Countries (OPEC) on Friday maintained the view that the world's oil supply is sufficient despite the decline in Libyan production, citing increased output levels from other nations and pointing out that a typical seasonal slowdown in demand is looming.
In its monthly report, OPEC said February output increased by 110k barrels per day to just over 30 million barrels per day. It's the highest monthly output, the group said, since December 2008 when the group agreed to a record reduction.
The group said that oil stocks should rise if February's output is maintained and European refineries affected by the loss in Libyan crude had time to arrange alternate sources. “ Despite the onset of the low seasonal demand period, recent disruptions may create some anxiety in the market, providing grounds for increased speculative activity,” read the report.
“The impact of the disruption in North African crude oil exports will be mainly felt by European refineries. Considering the availability of product stocks, refiners should have enough time over the maintenance season to adapt to any new requirements.” OPEC's ministers, meanwhile, have decided that conditions do not warrant an emergency meeting, as the world's supply is okay. The group's next scheduled meeting is not until June.
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