OPEC output marks time

04 March 1994
REGIONAL

Crude oil production held steady at 24.75 million barrels a day (b/d) in February barely changed from the January level, according to Washington- based Petroleum Finance Company (PFC).

PFC said that global oil stocks fell in February, but not by enough to give a lift to crude oil prices. It estimates that the price of the OPEC market basket of crude oils fell by 2 per cent to $13.70 a barrel from $14 a barrel in January. This compares with $13.10 a barrel in December, the lowest level for more than five years.

GCC oil ministers will discuss energy co-operation with the US at a meeting on 5 March in Jeddah. Plans for a gas network linking the six countries will also be considered, Reuters reported on 20 February.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications