Tuesday, February 11, 2014

Platts reports higher OPEC oil output in January

By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Oil production from the Organization of the Petroleum Exporting Countries edged higher in January by 150,000 barrels per day to 29.87 million barrels per day, according to a Platts survey of OPEC and oil industry officials and analysts released Monday. "The Libyan situation has a long way to go to play out but this is clearly good news," said John Kingston, Platts global director of news, in a statement. Libyan production rose to 530,000 barrels a day in January from 250,000 barrels a day the month before. Production at Sharara field, which has capacity of 340,000 barrels a day, restarted at the beginning of January, Platts said. Saudi Arabia cut its output by 40,000 barrels a day to average 9.76 million barrels a day in January.

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