The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

OPEC oil output slips from record on Iraqi disruption - survey

Mon, 29th Feb 2016 15:27

* OPEC supply falls by 280,000 bpd to 32.37 million bpd

* Iraq posts largest decline due to northern export halt

* Saudi Arabia keeps output flat, following freeze deal

* Iran increases supply, but not as fast as it says

* For a table of OPEC output, see

By Alex Lawler

LONDON, Feb 29 (Reuters) - OPEC oil output has fallen inFebruary from the highest monthly level in recent history, aReuters survey found on Monday, due to a halt in Iraq's northernexports and outages in other producers.

The survey also found stable output in top exporter SaudiArabia, an early sign that Riyadh is delivering on a Feb. 16deal along with Venezuela, Qatar and non-member Russia to freezeoutput and support prices, which hit a 12-year low last month.

Supply from the Organization of the Petroleum ExportingCountries has declined in February to 32.37 million barrels perday (bpd) from a revised 32.65 million bpd in January, accordingto the survey, based on shipping data and information fromsources at oil companies, OPEC and consultants.

Most of the decline in February output has been involuntary.The biggest drop is in Iraq, OPEC's largest source of supplygrowth in 2015, due to the stoppage in flow along the pipelinecarrying crude from the Kurdish region.

"The interruption from Kurdistan is significant because theywere a big part of the increase in exports from Iraq," saidOlivier Jakob, analyst at Petromatrix. "It is prompt suppliesand these are large volumes."

The pipeline, which had been carrying around 600,000 bpd inrecent months, has been offline since Feb. 17 and could be shutuntil mid-March.

Production also declined in Nigeria, where Royal DutchShell's Nigerian venture suspended the flow of Forcadoscrude to the export terminal following a spill. The incidentadded to the impact of lower scheduled exports.

Field maintenance including at the Murban development hasreduced output in the United Arab Emirates, the survey found.

Saudi Arabia has kept output steady compared with January at10.20 million bpd, sources in the survey said, citing stableexports in much of February. Saudi production reached a recordhigh of 10.56 million bpd in June.

Of the countries increasing output, Iran boosted supplyfurther following the lifting of Western sanctions in January.Iran, which wants to recover market share it lost undersanctions, has criticised the production freeze agreement.

Iran has increased supply by 200,000 bpd since December,according to Reuters surveys, while Iranian officials say thecountry has boosted exports by a much larger 500,000 bpd.

OPEC production has surged since the group in November 2014abandoned its traditional role of cutting supply alone to propup prices, in the hope that lower prices would curb the growthof more costly-to-develop competing supply sources.

The extra OPEC barrels have helped to create one of thebiggest supply gluts in history, and the production freezeagreed by the three OPEC members plus Russia represents thefirst global production pact since 2001. (Editing by Dale Hudson)

More News
7 Jan 2022 08:17

LONDON BRIEFING: Shell warns on cash outflows but continues buybacks

LONDON BRIEFING: Shell warns on cash outflows but continues buybacks

Read more
7 Jan 2022 07:57

LONDON MARKET PRE-OPEN: Shell says buybacks to continue "at pace"

LONDON MARKET PRE-OPEN: Shell says buybacks to continue "at pace"

Read more
7 Jan 2022 07:49

Shell to proceed with share buyback 'at pace' despite weaker oil performance

(Sharecast News) - Royal Dutch Shell said its $7bn share buyback programme would continue "at pace" despite weaker oil product sales due to the Omicron Covid variant and forex headwinds in Turkey.

Read more
7 Jan 2022 07:27

UPDATE 3-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds share price)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue "at pace" a $7 billion share buyback largely funded from t...

Read more
7 Jan 2022 07:27

UPDATE 1-Shell to continue $7 bln buyback programme 'at pace'

(Adds detail)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COV...

Read more
7 Jan 2022 07:27

UPDATE 2-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds details, graphics)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue its $7 billion share buyback programme after selling ...

Read more
7 Jan 2022 07:10

Shell to continue $7 bln buyback programme 'at pace'

LONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COVID-19 variant.(Reporting b...

Read more
6 Jan 2022 23:48

U.S. court rejects laundromat owners' bid to block sale of Texas oil refinery to Mexico's Pemex

By Stefanie EschenbacherHOUSTON/MEXICO CITY, Jan 6 (Reuters) - A U.S. court on Thursday tossed out a request from two laundromat owners to block Mexican state oil company Petroleos Mexicanos (Pemex) from acquiring majority control of a Texas oil r...

Read more
6 Jan 2022 12:16

UPDATE 2-Key Kazakh oil fields pump despite protests

(Updates with Shell, details, background)By Ron Bousso and Rowena EdwardsLONDON, Jan 6 (Reuters) - Oil production at Kazakhstan's top three fields is continuing even as some contractors gathered outside the largest Tengiz field in support of protes...

Read more
6 Jan 2022 12:00

Shell-backed U.S. solar developer raises $775 million in equity

By Nichola GroomJan 6 (Reuters) - Silicon Ranch Corp, the U.S. solar project developer backed by Royal Dutch Shell, on Thursday said it raised $775 million in equity capital from new and existing investors.The announcement comes as renewable energ...

Read more
5 Jan 2022 09:54

UPDATE 2-Commodity-linked stocks lift UK's FTSE 100 after dull start

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Ocado, LSEG, Ferguson gain as brokerages raise share ratings* Gains in oil majors offset risk-off sentiment* FTSE 100 up 0.2%, FTSE 250 of...

Read more
4 Jan 2022 17:00

LONDON MARKET CLOSE: Stocks start 2022 in style as airlines fly higher

LONDON MARKET CLOSE: Stocks start 2022 in style as airlines fly higher

Read more
4 Jan 2022 12:04

LONDON MARKET MIDDAY: Bright start to 2022 as travel stocks take off

LONDON MARKET MIDDAY: Bright start to 2022 as travel stocks take off

Read more
3 Jan 2022 13:26

U.S. refiner HollyFrontier warns of lower than expected throughput

Jan 3 (Reuters) - U.S. oil refiner HollyFrontier Corp's fourth-quarter throughput will be lower than forecast, hit by weather and turnaround setbacks at refineries in Washington, New Mexico and Oklahoma, the company warned on Monday.Flooding in B...

Read more
31 Dec 2021 13:08

LONDON MARKET CLOSE: Muted finish as FTSE 100 rallies 14% in 2021

LONDON MARKET CLOSE: Muted finish as FTSE 100 rallies 14% in 2021

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.