Latest news with #Akpo
Zawya
08-04-2025
- Business
- Zawya
OPEC March oil output falls 110,000 barrels per day, survey finds
LONDON - The following table shows crude oil output from the Organization of the Petroleum Exporting Countries in millions of barrels per day in March and February, according to a Reuters survey published on Monday. OPEC and allies, known as OPEC+, agreed in December to defer the start of output rises by three months until April and extend the full unwinding of cuts until the end of 2026 due to weak demand and booming production outside the group. The figures in the first and second columns are in millions of barrels per day. Totals are rounded. February's figures were not revised. March output Feb output Change vs. Feb Target output Under/over target Algeria 0.909 0.907 2,000 908000 1,000 Congo 0.260 0.260 0 277,000 -17,000 Eq. Guinea 0.060 0.060 0 70,000 -10,000 Gabon 0.220 0.220 0 169,000 51,000 Iraq 3.990 3.980 10,000 4,009,000 -19,000 Kuwait 2.405 2.405 0 2,413,000 -8,000 Nigeria 1.520 1.570 -50,000 1,500,000 20,000 Saudi Arabia 8.960 8.930 30,000 8,978,000 -18,000 UAE 2.910 2.920 -10,000 2,912,000 -2,000 TOTAL OPEC 9 21.234 21.252 -18,000 21,236,000 -2,000 Iran 3.250 3.300 -50,000 Libya 1.290 1.280 10,000 Venezuela 0.860 0.910 -50,000 TOTAL OPEC 12 26.63 26.74 -110,000 *Output target as announced by the countries making voluntary cuts, or as announced by OPEC. Excludes Iraq compensation plan for earlier overproduction. Iran, Libya and Venezuela are exempt from OPEC output agreements. The Reuters survey aims to assess crude supply to market, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone. Venezuelan data includes upgraded synthetic oil. Nigerian crude output includes the Agbami and Egina streams and excludes Akpo condensate. (Additional reporting by Ahmad Ghaddar;Editing by Emelia Sithole-Matarise)
Reuters
27-01-2025
- Business
- Reuters
India's IOC buys more sweet crude to replace Russian oil, sources say
SINGAPORE/NEW DELHI, Jan 27 (Reuters) - Indian Oil Corp ( opens new tab has bought another 6 million barrels of sweet crude via a tender for April delivery, trade sources said on Monday, as the country's top refiner seek to replace Russian oil after U.S. sanctions disrupted supply. The purchases come after Washington announced earlier this month sweeping sanctions targeting Russian producers and tankers, disrupting shipments from the world's No. 2 producer. IOC bought in the latest tender 2 million barrels of Nigerian Okwuibome crude from Vitol and 1 million barrels each of Nigerian Akpo and Angolan Mostarda grades from Shell, the sources said. The refiner also purchased 2 million barrels of U.S. West Texas Intermediate (WTI) Midland crude from Equinor, they added. Just a week earlier, IOC bought 7 million barrels of spot Middle Eastern and African crude oil via tenders, including a rare purchase of Abu Dhabi's Murban. Separately, another refiner Mangalore Refinery and Petrochemical Ltd (MRPL) ( opens new tab which issued its first crude import tender in more than a year, did not award the tender, traders said.
