OPEC

Latest OPEC News

• Oil prices fell in Asian trade Friday, weighed down by disappointing Chinese trade data and an increase in crude production by the OPEC cartel, analysts said.

• OPEC revised its 2012 world oil demand outlook slightly upwards on Thursday citing a stable US economy and the shutdown of nuclear plants in Japan, which boosted demand.

• 15 percent rise in Brent crude prices since the beginning of the year.
• Adverse weather, unplanned outages at fields and unrest in Syria, Yemen and Sudan have also taken an estimated 1.1 million barrels per day of oil production offline.

• For the first three months of this year, OPEC slashed its previous forecast by 290,000 b/d, to 29.55 million b/d from 29.84 million b/d a month ago.

• Oil prices have risen today due to concerns over supply from Iran and South Sudan.

• The Organization of the Petroleum Exporting Countries' (OPEC) crude oil output averaged 30.83 million barrels per day (b/d) in December, up 230,000 b/d from estimated November output of 30.6 million b/d.

• The theory of Peak Oil has always been a matter of contention and fear in many minds.

• Market appetite for the oil made available so far has been greater than during the collective action in 2005 following Hurricane Katrina
• Last month, IEA members released oil stocks to try to reduce prices

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