JEDDAH: Gulf oil producers raised their production in April to offset the disruption in supplies from OPEC-member Libya, because of the current internal fighting, data from Riyadh-based International Energy Forum (IEF) showed. Libya had pumped nearly 1.48 million bpd in January before output slumped to 1.27 million bpd in February and collapsed to just 290,000 bpd in March. IEF, which groups more than 100 oil producers and consumers, gave no figures for Libya's present output. Meanwhile, the International Energy Agency- member countries tapped into their emergency reserves in the light of skyrocketing oil prices despite a raise in output by oil producing countries. On June 23, the IEA decided to release 60 million barrels of crude from strategic oil stocks over the next month, as part of efforts to give the global economy relief from sky-high energy costs. World oil prices sank the following day, extending the previous day's dizzying plunge after the IEA's decision. New York's main contract, West Texas Intermediate for delivery in August, eased 10 cents to $90.92 a barrel after plummeting $4.39 or 4.6 percent on Thursday. Brent North Sea crude for August fell $1.31 to $105.95, one day after plunging by $6.95, or 6.0 percent in value. Data revealed that Saudi Arabia pumped 8.82 million barrels per day in April compared with around 8.655 million bpd in March. UAE increased oil supplies from 2.486 million bpd in February to 2.608 million bpd in March. No data were available for April or the following months. Kuwait also hiked output this year from around 2.38 million bpd in January to 2.42 million bpd in February and 2.46 million bpd in March. Its production in April rose to 2.5 million bpd, IEF data showed. Qatar's output remained unchanged at 730,000 bpd while Iran pumped 3.56 million bpd in March compared with 3.545 million bpd in February. There were no figures for April. Iraq, which is outside Opec quota system, produced about 2.624 million bpd in April, up from 2.525 million bpd in March. However, production by non-Opec Oman slipped to 877,000 bpd in April from 885,000 bpd in March. The IEF data also showed that Russia maintained high output levels of around 10.225 million bpd in April, up from nearly 10.189 million bpd in March. Oil prices fell Friday as weak manufacturing data in China overcame a report showing factory activity in the US picked up in June after a sluggish May. Benchmark West Texas Intermediate for August delivery declined 48 cents, or 0.5 percent, to settle at $94.94 per barrel on the New York Mercantile Exchange. It traded as low as $93.46 earlier in the day. In London, Brent crude fell 71 cents to settle at $111.77 per barrel on the ICE Futures Exchange. Oil fell after China reported that its manufacturing industry cooled off in June, slipping to its slowest pace in 28 months. In the US, however, factory activity picked up in June, in part because of lower fuel prices.
