Crude oil output from the Organization of the Petroleum Exporting Countries fell slightly in January as some Libyan output was disrupted and the Saudis kept their supply at lower levels, according to a Dow Jones Newswires survey of industry sources and analysts.
Crude oil output from the Organization of the Petroleum Exporting
Countries fell slightly in January as some Libyan output was disrupted and the
Saudis kept their supply at lower levels, according to a Dow Jones Newswires
survey of industry sources and analysts.
Crude oil production averaged 30.330 million barrels a day in January, just
20,000 barrels a day down from 30.350 million barrels a day in December.
The group's overall output was reined by lower production in
Libya
after
protesters blocked the Zueitina oil terminal and a strike shut down the Ras Lanuf
refinery, both in the Eastern part of the country.
Libya
's
deputy oil minister Omar Shakmak said production had fallen to an average of
1.34 million barrels a day in January, compared to around 1.4 million barrels a
day the previous month. He said the supply had been mostly impacted by the
Zueitina closure, though he said it was set to return to normal within 14
working days.
OPEC's production is also capped by lower production compared with most of last
year at the group's largest producer,
Saudi
Arabia
, following a production cut
in December.
As a result, "we have moved from oversupply to balance" in the oil
market, said Samuel Ciszuk, an consultant at KBC Advanced Technologies.
The current level of production is close to OPEC's ceiling of 30 million
barrels a day--the level the group sees as suitable to balance demand and
supply.
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