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Thursday, October 18, 2018

Global oil output increased in March despite Iraq and Nigeria, however decline in April expected - PIW

According to the Petroleum Intelligence Weekly 7 April 2003, global oil output has increased. Despite the shutdown of Iraqi oil flow and the civil strike affecting Nigerian production, global oil supplies rose modestly in March as Saudi Arabia, Kuwait and Venezuela pushed OPEC crude oil production to its highest level since August 2001. Although supply rose in March by an average of 0.305 mbd, volumes fell off in the second half of the month as the full impact of Iraqi and Nigerian losses materialised. Due to this output is expected to decline in April though demand is also heading into seasonal decline.