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Crude Oil Report Crude Oil Report: Iranian Output Falls To 20-Yr Low, But OPEC Output Surges Thanks To Iraq, Libya & Saudi Arabia - Written by Sumit Roy |
- May 02, 2012
Crude Oil Report: Iranian Output Falls To 20-Yr Low, But OPEC Output Surges Thanks To Iraq, Libya & Saudi Arabia
- Details
Clearly, sanctions by the United States, Europe and their allies have had an impact. However, neighboring Iraq hit a milestone of its own: Production in that country hit a 12-year high in April, close to 2.9 mmbbl/d.
IRAQ CRUDE OIL PRODUCTION
Also notable, Libya’s output continued to rise in the month and is now only 150K bbl/d below its pre-Civil War level of 1.5 mmbbl/d.
LIBYA CRUDE OIL PRODUCTION
Finally, Saudi Arabia’s output remains near multidecade highs just below 10 mmbbl/d, as the kingdom pumps furiously to make up for lost output from its geopolitical rival, Iran.
SAUDI ARABIA
Combined OPEC production was 31.4 mmbbl/d in April, the highest level since 2008, and up almost 700K bbl/d from the start of the year.
OPEC CRUDE OIL PRODUCTION
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