Saudi Arabia increased its oil output in response to Libya’s crisis by less than had been thought, producing fewer than 9m barrels per day in March, according to the International Energy Agency.
In its latest oil market report, released on Tuesday, the IEA described the response by Opec, the oil-producers’ cartel, to the loss of Libyan supply as “limited”. The turmoil in Libya has taken more than 1m b/d off the market, leading to an overall fall in production among Opec’s 12 members of 890,000 b/d between February and March.
Saudi Arabia, which controls about three-quarters of Opec’s spare capacity, raised its output in the first quarter of 2011, producing an average of 310,000 b/d more than during the final quarter of 2010.
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