Production from the Organization of Petroleum Exporting Countries sharply rose in January, as buoyant Asian demand was largely met by a revival in Iraqi output and higher output from Saudi Arabia, according to a survey Friday by Dow Jones Newswires.
Production from the Organization of Petroleum Exporting Countries
sharply rose in January, as buoyant Asian demand was largely met by a revival
in Iraqi output and higher output from
Saudi
Arabia
, according to a survey Friday
by Dow Jones Newswires.
The news will offer some relief to oil markets after Egyptian disruption fears
and concerns about the adequacy of global supply pushed prices above $100 a
barrel. Stronger consumption from emerging markets such as
India
and
China
has
given a boost to OPEC shipments.
The survey, based on input from oil traders, analysts and industry sources,
estimates output by all 12 group members rose by 260,000 barrels a day last
month to 29.667 million barrels a day.
Markets have been rattled by supply fears as non-OPEC production is expected to
broadly stagnate in the coming months and because OPEC, which controls close to
40% of global oil supplies, has so far seen no need to change its formal
production ceiling which incorporates production cuts decided in late 2008.
Yet oil production from OPEC's 11 members subject to quotas rose by 110,000
barrels a day in January to a daily 26.997 million barrels a day, the survey
shows. The main driver was
Saudi
Arabia
which increased output by
107,000 barrels a day to 8.357 million barrels a day.
Kuwait-based oil analyst Kamel Al-Harami said some OPEC producers were
maximizing production to help stabilize rising oil prices. "It is to the
advantage of everybody as buyers want a lower price and producers want to sell
more," he said.
Roy Mason, head of
U.K.
tanker tracker Oil Movements, said the majority of the incremental demand came
from
Asia
, notably
China
,
India
and
Japan
--and
to a lesser extent from Western markets reinvigorated by the economic recovery.
China
tripled its diesel imports in December to 460,628 metric tons due to domestic
shortages-- the highest level since September 2008. According to the research
unit of China National Petroleum Corp., apparent diesel use will rise 6.2% to
164 million tons in 2011.
Against this backdrop of mounting demand,
Iraq
,
which isn't subject to OPEC quota restrictions, has been fast ramping up output
amid improving security and deals signed over the last year with international
oil giants to develop some of its prized oil fields. Iraqi production rose by
about 150,000 barrels a day to average 2.670 million barrels a day of crude
production, the survey shows.
Iraqi oil ministry officials said
Iraq
's
output hike was due to an increase in production in southern oil fields, which
are being developed by international oil companies.
The ramp-up could continue this month with the resumption of about 100,000
barrels a day of Iraqi Kurdish exports. They are due to start in the coming
days after the resolution of an 18-month dispute, a person familiar with the
matter said Tuesday.
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