OPEC Oil Output Rises on Libyan Recovery
From Arab News
OPEC’s oil output has risen in January from December’s 2-1/2-year low, due to a partial recovery in Libyan supply and higher shipments from Iraq and Iran, a Reuters survey found on Friday.
Output from the Organization of the Petroleum Exporting Countries averaged 29.94 million barrels per day (bpd), up from a revised 29.63 million bpd in December, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.
The survey illustrates the potential for OPEC supply to rebound in 2014 if Libya, Iraq and Iran sustain higher output. That could put pressure on oil prices without cutbacks from other members.
“Over the next few months, the big challenge for OPEC will be to respond appropriately to any further normalization of oil production in Libya,” said Carsten Fritsch, analyst at Commerzbank in Frankfurt.
In January, higher supply in Libya, more Iraqi exports and a further small rise in Iranian shipments outweighed reductions in Angola and Saudi Arabia. December production in Saudi Arabia, Libya and the United Arab Emirates was revised.
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