Global production up 1mn barrels a day in March

May 05, 2015 12:00 AM

Global oil production was up 1bn barrels of oil per day (bpd) in March with the Organisation of Petroleum Exporting Countries (OPEC) producing the lion's share of world crude, data appearing on Seeking Alpha website shows

OPEC output stood at 31.02mn bpd in March, up 890,000 bpd on February, while North American crude increased by 80,000 bpd and is expected to drop further due to a slowdown in drilling activity.

Saudi Arabia increased production by 390,000 bpd to 10.1mn bpd in March, in a move largely seen as being motivated by the view to maintain market share.

Combined production from Russia and FSU increased by 40,000 bpd, while UK and Norway output dropped by 50,000 bpd compared to the same period a year earlier.

Asian production was up 60,000 bpd as producers aim to satisfy much of its energy needs domestically.

Meanwhile, US oil rig fleet took a new plunge, with total number of drilling rigs standing at just 905 on 1st of May, which was slightly above the levels it reached in the aftermath of the financial crisis.

While US drilling remains in a state of "free fall", according to data from Baker Hughes, OPEC members have increased their rig count, which was significantly reflected in the rise in production in the month before April.

March production of total liquids including crude oil, condensate, natural gas liquids, refinery gains and biofuel showed a sharp increase at 95.24mn bpd, up 1,000,000 bpd on February.

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