‘Oil deal bears fruit, US pumps more'
The initiative has prompted a recovery in global oil prices
PHOTO: REUTERS
PARIS:
World oil production fell in March thanks to a deal to cut output, OPEC said Wednesday, 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 (OPEC) 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 31.93mb/d, according to secondary sources cited in the report. 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.
Published in The Express Tribune, April 13th, 2017.
World oil production fell in March thanks to a deal to cut output, OPEC said Wednesday, 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 (OPEC) 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 31.93mb/d, according to secondary sources cited in the report. 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.
Published in The Express Tribune, April 13th, 2017.