OPEC says oil deal bearing fruit, but US pumping more

AFP,PARIS: World oil production fell in March thanks to a deal to cut output, OPEC said yesterday, but the cartel’s efforts to fight a global glut are threatened by American firms pumping oil with gusto.
The world produced a total of 95.82 million barrels per day (mb/d) last month, a fall of 230,000 barrels from February, the Organisation of the Petroleum Exporting Countries said in its monthly report.
The production by OPEC itself, which accounts for about a third of the world’s output, fell by 153,000 barrels per day to 31.93 mb/d, according to secondary sources cited in the report.
This takes it below a target included in an output reduction deal by OPEC and some non-OPEC producers including Russia which came into force on January 1 for an initial run of six months.
The initiative has prompted a recovery in global oil prices, in turn attracting many American higher-cost producers back into the market as they can operate profitably again.
This means that the combined output of non-OPEC producers, which fell to 57.32 mb/d last year, is now likely to recover to 57.89 mb/d this year, which would represent a rise of 580,000 barrels per day, OPEC said.

OPEC says oil deal bearing fruit, but US pumping more

AFP,PARIS: World oil production fell in March thanks to a deal to cut output, OPEC said yesterday, but the cartels efforts to fight a global glut are threatened by American firms pumping oil with gusto. The world produced a total of 95.82 million barrels per day (mb/d) last month, a fall of 230,000 barrels from February, the Organisation of the Petroleum Exporting Countries said in its monthly report. The production by OPEC itself, which accounts for about a third of the worlds output, fell by 153,000 barrels per day to 31.93 mb/d, according to secondary sources cited in the report. This takes it below a target included in an output reduction deal by OPEC and some non-OPEC producers including Russia which came into force on January 1 for an initial run of six months. The initiative has prompted a recovery in global oil prices, in turn attracting many American higher-cost producers back into the market as they can operate profitably again. This means that the combined output of non-OPEC producers, which fell to 57.32 mb/d last year, is now likely to recover to 57.89 mb/d this year, which would represent a rise of 580,000 barrels per day, OPEC said.