KHOBAR: Saudi Arabia produced 9.66 million barrels per day (m b/d) of crude oil in April, up from 9.566m b/d in March, an industry source familiar with the matter said yesterday.
The world’s largest oil exporter supplied 9.650m b/d in April to the market, up from 9.533m b/d in March, the source said.
Supply to market may differ from production depending on the movement of barrels in and out of storage. “It is generated by customers,” the source said when asked about the reason for higher output and supply from the Opec heavyweight. “But an increase of 100,000 to 200,000 is not an indication of anything. It is not an indication that there is a change in the global market.”
“The market is balanced...we expect the situation to remain the same for the rest of the year in terms of prices and market demand and supply, unless we see surprises,” the source added.
A survey showed output from the Organisation of the Petroleum Exporting Countries rose by 160,000bpd in April on increases in Saudi Arabia, Algeria, Iraq and Libya. Overall Opec supply remains below its supply target of 30m bpd. Output rose above that level in February, after four straight months below 30m b/d, according to estimates.
Opec ministers will meet on June 11 to decide on output policy for the rest of the year. Brent oil fell below $108 a barrel on Thursday as tensions in Ukraine appeared to show signs of easing but the crisis in Libya and a jump in Chinese crude imports to a record high underpinned prices.
Reuters
