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OPEC Crude Output Climbs as Iran Pumps Most Oil Since 2012
OPEC crude production rose in March as Iranian output climbed to the highest level in almost four years. The Organization of Petroleum Exporting Countries increased production by 64,000 barrels to 33.09 million a day last month, according to a Bloomberg survey of oil companies, producers and analysts. The group set aside its output target of 30 million barrels a day at its Dec. 4 meeting in Vienna. Saudi Arabia, Russia, Venezuela and Qatar tentatively agreed on Feb. 16 to cap production at January levels. They’ll meet with other countries, both in and out of OPEC, in Doha on April 17. “Talk is cheap,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “It’s hard to be really bullish about the oil market when production keeps going up. The OPEC output totals are a little reminder that we’re still in the midst of a massive glut.”
Exclusive: Mexico’s Pemex sees crude refining up more than 6 percent in 2016
A view of Mexico’s national oil company Pemex’s refinery in Salamanca, in Guanajuato state, Mexico, February 8, 2016. Picture taken, February 8, 2016. Mexican state-run oil company Pemex expects to process 6.3 percent more crude oil this year, as it resolves problems at refineries that forced crude runs to a record low in 2015. The company, which operates six domestic refineries, will refine 1.134 million barrels per day (bpd) this year, compared with 1.066 million bpd in 2015, according to refining documents seen by Reuters. Last year, Pemex processed its lowest amount of crude in at least a quarter century, as plant outages and other inefficiencies battered margins. If Pemex refines more crude domestically, it would lessen Mexico’s need for gasoline imports, which have grown by nearly a fifth over the past three years. Mexico is currently forced to import more than half of its gasoline demand. In an […]
Japan’s 2016-17 non-power oil demand to fall 1.6% on year to 2.92 mil b/d
Japan’s domestic oil product demand except for power generation is forecast to fall 1.6% year on year to 169.348 million kl, or 2.92 million b/d, in fiscal 2016-17 (April-March), according to a forecast presented by the Ministry of Economy, Trade and Industry Friday. METI’s 2016-17 forecast is part of its five-year oil demand outlook based in kiloliters, which excludes a forecast for fuel oil demand for power generation due to uncertainty over nuclear plant restarts. Under the forecast approved Friday by the ministry’s oil market trends working group under its oil and natural gas subcommittee, Japan’s oil product demand except for power generation is to fall an average 1.7% annually over the next five years to 157.761 million kl (2.72 million b/d) in 2020-21. For fiscal 2016-17, Japan’s overall oil product demand will decline on the year except for kerosene and gasoil. Kerosene demand is forecast to edge up […]
China’s manufacturing activity rebounds to nine-month high
China’s manufacturing activity rebounded in March to its highest level since last August, thanks to the government’s continued structural reforms, official data showed on Friday. The purchasing managers’ index (PMI) came in at 50.2 in March, up from February’s 49, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing. A reading above 50 indicates expansion, while a reading below 50 reflects contraction. NBS statistician Zhao Qinghe attributed the rebound to the government’s pro-growth measures, as well as the rising demand in manufacturing imports and exports. A price rebound for major international commodities spurred purchases. Technology upgrades also contributed to improvement in […]
Regional Banks Could Suffer Higher Losses From Oil, S&P Says
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