Futures rose for Brent to $ 112 a barrel yesterday, despite variation remarkable about the outlook for demand while the Chinese data sent positive signals to pay to recover the second-largest oil consumer in the world demand to rise confirmed Saudi Arabia cut its oil production with the decline in global demand. Brent rose in the nearest contract maturity of 27 cents to $ 112.03 a barrel, reversing previous session losses, which amounted to 18 cents. Light crude rose 44 cents to 93.54 dollars per barrel.
The data showed the General Administration of Customs, China imported 5.57 million barrels per day of crude oil in December, an increase of 8% on an annual basis with the start and new refining units in the fourth quarter of 2012. China imported the largest buyer of crude in the world after the United States 23.67 million tons of crude oil last month, up 1.3% compared with November. But the figure fell 2.1% on a daily basis of his operations to reduce seasonal inventories. In 2012 the entire imports increased 6.8% reported in 2011 to 271.02 million tons, or 5.42 million barrels per day.
The imports increased 6.05% in 2011. Imports grew in the first half of the year at a faster pace than in the second half as the oil companies deliberately supply store after she had the new storage tankers with achieving and refining units, which began work in late 2011 its full potential. Purchases fell in the second and third quarters of the year due to renovations of the stations and the decline in demand for fuel with a slowing economy, but rebounded in the fourth quarter as demand recovers and start new refining units.
And Saudi Arabia has cut its crude oil production by 700 thousand barrels per day in the last two months of last year and production reached in December, about nine million barrels per day, down more than one million barrels per day from a peak of production last summer. The oil industry source said early on output policy Arabia The Kingdom produced 9.025 million barrels per day in December, down from 9.49 million bpd in November.
The Saudi production peaked at 10.1 million barrels a day in June, but the kingdom cut production by 234 thousand barrels per day in October and November before they lower it 465 thousand barrels per day in December. The source added that the Kingdom is the largest oil exporter in the world also withdrew 126 thousand barrels per day on average from stockpiles last month for a total supply to the market 9.151 million barrels per day. Riyadh says it favors an oil price at around $ 100 a barrel.
The Minister of Energy Mohammed al-Hamli said that Laghmaart produced about 2.6 million barrels per day of crude in December. He explained that the current production capacity of the OPEC member country of 2.8 million barrels per day and expressed the hope to increase to three million barrels per day during the current year, a figure the UAE expects to approach him at the end of 2012.
The UAE plans to invest $ 60 billion in the next five years to increase production capacity to 3.5 million barrels per day. Ali said Yabhouni UAE’s permanent representative to OPEC said his country will not cut any investments in the development of production capacity this year despite a slight growth in global demand for oil. The Yabhouni Emirates recognizes that this is a long-term and vulnerable to fluctuations in demand.
And a lot of Emirati investment programs will bear fruit over the next decade. Under modest economic growth and an increase in the production of non-member countries in OPEC Yabhouni said there is a great opportunity to raise the production ceiling of the Organization. He pointed out that it is expected to increase the production of non-member countries by 900 thousand barrels per day in 2013. Member States decided in OPEC in December to maintain the targeted level of production at 30 million barrels a day and left the door open for informal adjustments in production volumes according to demand.
Revealed the Iraqi Southern Oil Company for the arrival rates of oil exports through the southern oil port to 2.2 million barrels per day. Said company director Jafar The current export capacity entitles Iraq to raise it to 2.7 million barrels per day, but there is a gradual plan to raise rates.
He added that next year will rise to export 3.5 million barrels per day after the increase in production in the fields of Basra, Missan and Walcott due to the increase of oil licensing companies in these fields. He explained that they will be in the next week launch 4 tanks of crude oil in the southern Rumaila field in order to improve pumping and storage equipment in the South Oil Company in order to increase export capacity.