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Despite falling oil prices, OPEC increases supply

Despite falling oil prices, OPEC increases supply
September 30
22:23 2015
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Regardless of the falling oil prices, the Organisation of Petroleum Exporting Countries (OPEC) has experienced an increase in crude oil supply to the global market.

OPEC supply has increased in September to 31.68 million barrels per day (bpd) from a specially revised 31.57 million in August, 2015.

The increase was traced to Iraq’s recovery, from disruption that had halted supply growth from the group’s second-largest producer, a Reuters survey has shown.

Smaller increases were also recorded in Nigeria and Angola, both of which have slightly boosted exports, according to loading schedules.

The increase in supply, may lead to a further decline in price, with demand being less than supply.

The survey further states that Saudi Arabia and other Gulf members of the Organization have kept output mostly steady, reiterating their commitment to defending market share instead of prices.

OPEC has boosted production by almost 1.5 million bpd since it switched in November 2014 to defending market share from its previous policy of cutting output to prop up prices.

Kuwait’s output was stable although the United Arab Emirates is pumping more crude due to increasing supplies from its Upper Zakum field, sources in the survey said.

Top exporter Saudi Arabia kept output steady in September as reduced use of crude in domestic power plants was offset by a gentle uptick in exports towards the latter part of the month.

Saudi output remains close to the record high of 10.56 million bpd it pumped in June, as it focuses on market share.

Libyan supply edged lower in September. Output remains disrupted by unrest, and negotiations to reopen closed oil facilities have yet to succeed.

Nigerian exports are set for further growth in October, though India’s Hindustan Petroleum Corp (HPCL) has revealed the difficulty in lifting Nigeria’s oil.

HPCL, which bought the 2 million barrels of Qua Iboe from Totsa, a trading arm of France’s Total, said nobody is willing to lift Nigeria’s oil.

 

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