(BridgeNews) March 27, 2350 GMT/1750 ET
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TOP STORIES:
API Review: Crude stockpiles jump as imports exceed 10 mln bpd
New York, March 27 (BridgeNews) - NYMEX crude fell in overnight Access
trade as American Petroleum Institute data surprisingly showed inventories
rose 8.862 million barrels last week, as imports exceeded 10 million
barrels per day. NYMEX heating oil also fell as distillates, which include
heating oil and diesel fuel, dipped by only 447,000 barrels, far less than
the expected drop.
( Story .1898 )
Venezuela oil workers vow to strike Wed if govt does not cave in
Caracas, March 27 (BridgeNews) - Venezuela's oil workers will walk off
the job Wednesday morning barring a last minute decision by the government
and state oil company PDVSA to grant the 15% wage hike workers are
demanding, said Fedepetrol Secretary General Felix Jimenez. PDVSA claims
it has a contingency plan to keep operation running unaffected for more
than two days and said the company was open to dialogue but would not cave
into demands.
(Story .22186, .18172)
CGES: OPEC output cut was wrong decision for global economy
London, March 27 (BridgeNews) - OPEC's decision at its March 16-17
meeting to cut oil production by 1 million barrels per day (bpd) was the
wrong decision for the world economy, the London-based Centre for Global
Energy Studies (CGES) said Tuesday in its latest Monthly Oil Report. "The
CGES believes the March cut was certainly the wrong thing for OPEC to do,"
the energy think-tank said. "The world economy right now needs lower, not
higher, oil prices." ( Story .16902 )
Petrologistics: OPEC 10 only 90,000 bpd over target in March
London, March 27 (BridgeNews) - 619 ET--OPEC's crude oil production
fell to 27.54 million barrels per day (bpd) in March, down 85,000 bpd from
28.39 million bpd in February, according to the latest preliminary data
Tuesday from Geneva-based consultants Petrologistics. Output from the OPEC
10 excluding Iraq dropped 200,000 bpd to 25.29 million bpd as the cartel
tried to observe the compliance with its new output target of 25.2 million
bpd. The reduction in OPEC 10 March output adds up to 94% compliance with
OPEC's 1.5 million bpd output cut agreed from Feb. 1, up from 80.7%
compliance with the output cut in February.
( Story .13029 ) |
