OPEC oil output slips lower, Saudi Arabia misses target

[phantom power]

OPEC crude oil output slipped lower in March, dropping over 1 percent as the halt in Libyan exports takes effect and it seems that OPEC’s star exporter, Saudi Arabia has missed the target on filling the oil supply gap.

...

“The numbers show that it will take a while before the Saudi’s and others make up for Libya’s missing barrels. We should see the total rise in April. This explains why Brent is above $115.” said Rick Mueller, director of oil markets at Energy Security Analysis, Massachusetts.

Saudi Arabia, OPEC’s biggest producer, increased output by 300,000 barrels, or 3.4 percent, to 9 million barrels a day in March, the highest level since October 2008. Saudi Arabia exceeded its oil export quota by 949,000 barrels.

http://www.liveoilprices.co.uk/oil/peak_oil/04/2011/opec-oil-output-slips-lower-saudi-arabia-misses-target.html

[liberal N proud]

1. They have to make sure we reach the $4.00/gallon mark by travel season

[pscot]

2. Oil is trading at $108

on the nymex.