Crude oil supply from the Organisation of Petroleum Exporting Countries (Opec) has probably increased by 100,000 barrels a day, or 0.3 per cent, in March, according to preliminary estimates from PetroLogistics Ltd. ( Bloomberg )
The 13 members of Opec have supplied 32.9 million barrels a day this month, up from 32.8 million a day in February, data from the Geneva-based tanker-tracking service showed.
Iranian output accounted for most of the gain, rising to 4.05 million barrels a day from 3.92 million a day, the consultant said. Iran is Opec's second-largest producer.
" Iran had rather a difficult time in February due to weather-related loading delays, and this month they're bringing it back up again," Conrad Gerber, founder of PetroLogistics, said in a telephone interview from Geneva.
Iraqi exports from the southern port of Basra have dropped by about 70,000 barrels a day this month to 1.65 million barrels a day because of interruptions including an explosion on the Zubair-1 pipeline Wednesday, Gerber said. The two main pipelines serving the Basra oil terminal were unaffected by the blast, an Iraqi official said.
PetroLogistics estimates the quantity of crude supplied to the market, including to consumers in the producing countries themselves, rather than well-head output.
Opec, the producer of more than 40 per cent of the world's oil, has no plans to increase output even if ministers meet informally next month, group President Chakib Khalil said, according to Algeria's state-run news service APS.
Deutsche Bank AG raised its forecasts for Brent crude oil in 2008 and 2009 by 12 per cent and 28 per cent, respectively, as credit market turmoil drives investors toward commodities.
Germany's biggest bank lifted its 2008 average estimate for Brent crude futures traded on London's ICE Futures Europe exchange to $95.50 a barrel from $85, and its 2009 prediction to $102.50 from $80. It also increased forecasts for natural gas.