OPEC’s more optimistic outlook comes as the 12-member cartel makes good on a plan to carve out more of the global oil market as demand grows; according to the report, Saudi Arabia told OPEC it put out 230,900 more barrels a day in June
The drop last Monday of 7.7 percent or $4.40 — to $52.53 from $56.93 — was the largest single day-percentage loss since February, and as the financial crisis in Greece deepened, the Chinese stock market fell and the U.S. rig count stabilized.
The incident marks the second significant spill this year for Houston-based Plains, which is still trying to clean up crude from southern California beaches contaminated after more than 100,000 gallons of oil escaped a pipeline in May. A House committee is set to grill the nation’s top pipeline regulator about delayed safety mandates on Tuesday.
China overtook the U.S. as the largest crude importer in April for the first time this year. The country bought a record 7.4 million barrels a day from overseas that month, surpassing U.S. imports of about 7.3 million.
Last May, National Iranian Oil Company (NIOC) managing director Rokneddin Javadi told International Oil Daily at a conference in Kuala Lumpur that Iran’s production would be able to pump an additional 1 million b/d within three to six months
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