World oil output increased by 1.19 million barrels per day (bpd) in January to 77.58 million bpd, after falling 2.22 million bpd in December. Organization of Petroleum Exporting Countries (OPEC) output rose by 890,000 bpd, led by gains in Saudi Arabia, Iraq, the United Arab Emirates (UAE) and Nigeria, reported the International Energy Agency (IEA).
Cash crude oil prices continued to rise in January, with WTI crude averaging $32.99, Dated Brent $31.32 and Dubai $28.02. Prices increased further in early February. Product prices rose faster than crude, so that refining margins improved in all major refining centers.
The forecast of global oil demand growth for 2003 has been adjusted upwards by some 80,000 bpd, mostly on expectations of further gains in Chinese demand. Stronger-than-expected winter heating demand and fuel switching into oil in Japan and the US offset downward adjustments in OECD Europe. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
