Press Esc to close

WorldOil

World Oil News Center



OPEC March crude production falls

BY PAUL REKOFF

NEW YORK -- Crude-oil output from members of the Organization of the Petroleum Exporting Countries (OPEC) fell in March to its lowest monthly level since October 2011, according to data released by the United States Energy Information Administration (EIA).

OPEC members pumped 29.83 MMbbl last month, down from a revised 29.88 MMbbbl in February, the EIA said in its monthly short-term energy outlook. Last month, the EIA estimated OPEC' s February crude oil production at 30.01 MMbbl.

The drop in March marked the organization' s seventh straight monthly decline. The slide in OPEC crude output has coincided with tepid global demand for crude oil, thanks to uncertain economic expansion in China, sluggish United States growth and the continuing debt crisis in Europe.

Last month, the reduced production largely came from Libya and Nigeria. Both nations saw their output cut by 500 Mbbl last month to 1.35 MMbbl for Libya and 1.95 MMbbl for Nigeria.

OPEC' s overall production capacity fell 30,000 MMbbl to 35.55 MMbbl. Meanwhile, the organization' s spare capacity stayed unchanged at 2.8 MMbbl.

Dow Jones Newswires

04/10/2013

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS

Upcoming Events