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The Organization of Petroleum Exporting Countries’ crude oil output fell to an eight month low in September, led by Iraq, where a pipeline disruption curtailed shipments, a Bloomberg News survey showed.
Production slipped 145,000 barrels, or 0.5 percent, to an average 29.055 million barrels a day, the lowest level since January, according to the survey.
Output by members with quotas, all except Iraq, dropped 95,000 barrels to 26.76 million, 1.92 million above their target.
Iraqi output dropped 50,000 barrels, or 2.1 percent, to 2.295 million this month, the biggest decrease in OPEC and the lowest level since October, 2008.
The Arabian Gulf nation was the group’s fourth largest producer in September. Production from Saudi Arabia, OPEC’s biggest producer, fell 40,000 barrels.
Peter Beutel, president of energy advisory firm Cameron Hanover, New Canaan, Connecticut, said: “Both the Iraqi and Saudi cuts are probably temporary and not a sign of an enduring trend."
He added: “Iraqi production has been erratic for years so we’re used to it. The Saudi numbers are of more interest, but are probably due to seasonal maintenance.”
Iraq’s crude oil exports through Turkey dropped by about 20 percent due to a technical fault on the Iraqi side of the border on Sept 24, said Imad Baqer, head of production for the state run North Oil Co. Shipments stopped completely on Sept 28 and resumed yesterday.
Saudi Arabia reduced production to 8.25 million barrels a day, the second biggest decline in the group and the lowest output since March. The kingdom exceeded its quota by 199,000 barrels a day.
Sooner or later each expat will have to pack and go back home; the UAE is not the surrogate mother of any foreigner, the UAE takes care of its own populace... more
Friday, 24 May 2013 2:01 AM - SaeedThe enlightened view of some of the commentators(the ones from Pakistan especially) bring me much joy and happiness. We are all fairly clear about the... more
Thursday, 23 May 2013 4:43 PM - Maulana Abdul FazlTo be fair, it is not that difficult to mix Dakar and Dhaka up. Those travelling to the US for the first time may very likely get confused between Santa... more
Thursday, 23 May 2013 11:29 AM - BilalAs much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more
Wednesday, 22 May 2013 11:56 AM - Ty SaySooner or later each expat will have to pack and go back home; the UAE is not the surrogate mother of any foreigner, the UAE takes care of its own populace... more
Friday, 24 May 2013 2:01 AM - SaeedLet me put the entire issue in perspective. There are massive traffic problems on the roads of Kuwait, where Kuwait can boast high road fatalities and... more
Tuesday, 21 May 2013 1:28 PM - Abdullah
Top managment greed is one of the main reasons that caused the 2008 crises. hope i delivered the message..
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As much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more
Wednesday, 22 May 2013 11:56 AM - Ty SaySooner or later each expat will have to pack and go back home; the UAE is not the surrogate mother of any foreigner, the UAE takes care of its own populace... more
Friday, 24 May 2013 2:01 AM - Saeed
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