AGL 40.18 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.31 Increased By ▲ 0.27 (0.21%)
BOP 6.64 Decreased By ▼ -0.03 (-0.45%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.57 Increased By ▲ 0.02 (0.23%)
DFML 41.97 Increased By ▲ 0.53 (1.28%)
DGKC 87.75 Increased By ▲ 0.90 (1.04%)
FCCL 32.70 Increased By ▲ 0.42 (1.3%)
FFBL 65.21 Increased By ▲ 0.41 (0.63%)
FFL 10.33 Increased By ▲ 0.08 (0.78%)
HUBC 109.35 Decreased By ▼ -0.22 (-0.2%)
HUMNL 14.73 Increased By ▲ 0.05 (0.34%)
KEL 5.13 Increased By ▲ 0.08 (1.58%)
KOSM 7.54 Increased By ▲ 0.08 (1.07%)
MLCF 41.85 Increased By ▲ 0.47 (1.14%)
NBP 59.90 Decreased By ▼ -0.51 (-0.84%)
OGDC 193.85 Increased By ▲ 3.75 (1.97%)
PAEL 28.25 Increased By ▲ 0.42 (1.51%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 151.95 Increased By ▲ 1.89 (1.26%)
PRL 26.63 Decreased By ▼ -0.25 (-0.93%)
PTC 16.11 Increased By ▲ 0.04 (0.25%)
SEARL 85.60 Decreased By ▼ -0.40 (-0.47%)
TELE 7.65 Decreased By ▼ -0.06 (-0.78%)
TOMCL 35.50 Increased By ▲ 0.09 (0.25%)
TPLP 8.14 Increased By ▲ 0.02 (0.25%)
TREET 16.09 Decreased By ▼ -0.32 (-1.95%)
TRG 52.80 Decreased By ▼ -0.49 (-0.92%)
UNITY 26.40 Increased By ▲ 0.24 (0.92%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,957 Increased By 73.1 (0.74%)
BR30 30,925 Increased By 325.2 (1.06%)
KSE100 93,862 Increased By 506.4 (0.54%)
KSE30 29,087 Increased By 156.3 (0.54%)

Opec oil production fell slightly in February but high prices deterred members from reining in much supply despite a mid-month pledge to eliminate overproduction, a Reuters survey released on Tuesday found.
Total Opec output for the month fell 210,000 barrels a day (bpd) to 28.10 million bpd, led by lower production from Iraq as bad weather cut into exports, the survey showed.
The 10 members of Opec with quotas pumped 26.17 million, cutting production by just 100,000 bpd from January, according to the survey of consultants, shippers, industry and Opec sources.
The estimate puts the Opec-10 1.67 million bpd in excess of their official quota ceiling of 24.5 million in place since November.
Oil prices have this week jumped to their highest level for a year, surging around four dollars since Opec agreed on February 10 to reduce supply quotas by one million bpd to 23.5 million from April.
Opec also agreed at the February 10 meeting to cut 1.5 million bpd of surplus production over existing quotas, concerned that prices could fall once demand declines seasonally after the northern winter.
But Opec President Purnomo Yusgiantoro said on Tuesday the cartel is still pumping above official output limits in an effort to cool down oil prices.
Saudi Arabia's production edged down by 50,000 bpd in February to 8.5 million bpd, more than 530,000 bpd above its quota and around 860,000 bpd above its forthcoming April limit.
Current production by the 10 Opec members with quotas, excluding Iraq, is nearly 2.7 million bpd above the ceiling that will come into force next month.

Copyright Reuters, 2004

Comments

Comments are closed.