Platts reported that the Organization of the Petroleum Exporting Countries (OPEC) increased its production of crude oil by 320,000 barrels per day in April, bringing the monthly total to 31.71 million barrels per day.
A brief overview of oil price developments, supply and demand, and significant market movers.
Iran’s saber-rattling in the Persian Gulf kicks off what could be a volatile year for oil markets.
Total and Eni among the first foreign firms to restart operations in Libya, while others await developments.
Short-term price cut may boost ailing economies, but resulting friction with the oil cartel could have long-term implications on price stability.
Oil prices eased modestly early on March 28 after advancing rebels in Libya announced that they would be able to resume crude exports in a week and Qatar promised to help them market their product on world markets.The price remains 8 percent higher than it was a month ago, and 30 percent higher than a year ago, challenging global economic recovery.
Reuters reports that Saudi Arabia is in conversation with European companies affected by Libyan unrest.
International Energy Agency last week indicated that “three digit oil prices risk damaging” the economic recovery, offering a message that OPEC should raise output; however, OPEC responded the same day by saying that global supplies are sufficient to meet demand.
Reuters Africa reports that OPEC appears unlikely to raise oil supply limits to cap an oil price rally when it meets in Quito on Saturday.
The Wall Street Journal reports that oil prices were surging to a nearly five-month high.
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