Oil Supply May Fall in Second Quarter on Outages, OPEC Says |
| Bloomberg - Mar 11, 2011 |
The Organization of Petroleum Exporting Countries said global oil stockpiles may drop in the next three months as production outages tighten supplies.
“The market could see a contra-seasonal draw in the second quarter of 2011, if the recent supply disruption were not offset by production increases,” the group’s Vienna-based secretariat said today in a monthly report. “This draw could be easily accommodated by reportedly high commercial oil inventories across the globe, particularly in the Organization for Economic Cooperation and Development countries.”
Violent clashes in Libya between forces loyal to leader Muammar Qaddafi and anti-government rebels have reduced Libya’s oil exports to “well below” 500,000 barrels a day, according to the Paris-based International Energy Agency. The only reference to Libya in OPEC’s 68-page document, apart from data tables, was in a list of group members whose output declined.
Read Full Article from Bloomberg
- Posted: 2011-03-11 09:34:54
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