Opec’s response to the loss of 1m barrels per day in Libyan oil supplies has been “limited”, according to the International Energy Agency, as the cartel’s biggest member “throttled back production in mid-March”.
Saudi Arabia, which controls about three-quarters of Opec’s spare capacity, increased its output in the first quarter of this year, producing an average of 310,000 barrels a day more than during the final quarter of 2010.
But Saudi production remained flat in February and March, averaging 8.9m b/d in both months. Earlier estimates suggested that the kingdom had boosted its output to more than 9m b/d in response to the political turmoil in Libya and consequent fall-off in production.
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