Recent Gas News/GasBuddy Blog

The Detroit News -- U.S. automakers sharply criticized Brazil's decision to raise tariffs on American exports, including autos and auto parts.

Brazil said this week it would hike tariffs on more than 100 exports worth nearly $240 million as it seeks to force the United States to halt cotton subsidies. In August, the World Trade Organization gave Brazil approval to impose sanctions.

The move would boost tariffs on autos from 35 percent to 50 percent.

Brazil gave the United States one month to reach a deal to head off the tariffs before they take effect.

Detroit's Big Three automakers issued a statement criticizing the tariff move through the American Automotive Policy Council and urged a resolution.
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DailyTech -- Porsche really wants to build the 918, however, the company insists that it doesn't want to lose money on the vehicle...  (go to article)

The Detroit News -- Toyota Motor Corp. turned over to Congress today a 3 1/2 -year-old memo written by employees in Japan raising questions about the company's safety record.

The Oct. 3, 2006, memo was requested by Rep. Ed Towns, D-N.Y., chairman of the House Oversight and Government Reform Committee after it was first published by the Los Angeles Times.

"If senior Toyota officials ignored important safety concerns raised by their own employees, it calls into question Toyota's corporate priorities and its commitment to safety," Towns wrote Monday to Toyota's North American chief Yoshimi Inaba, giving them a noon deadline today to turn over the memo.

The Detroit News today obtained an English translation of the two-page memo.
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THE HOUSTON CHRONICLE -- CHRON.COM -- Associated Press -- CAIRO -- OPEC has raised its projections for oil demand growth this year by 100,000 barrels per day, but stresses that gains could be eroded if the U.S. government scales back on stimulus efforts before the country's economy fully recovers.

The Organization of the Petroleum Exporting Countries said in a report released today that world oil demand was projected to climb to almost 900,000 barrels per day, or 100,000 barrels a day more than its February projection.

But the 12-member group that supplies about 35 percent of the world's crude cautioned that the recovery was tied to that of the global economy. It warned that demand growth could falter should governments scale back on stimulus efforts too quickly.

OPEC is scheduled to meet March 17.

[END OF ARTICLE]  (go to article)

Washington Times -- Get ready to pay a lot more than $3 a gallon to fill up your car during peak driving periods this spring and summer. More pain at the pump is the inevitable result of the Obama administration's carrot-and-stick approach to dealing with America's energy woes.

Interior Secretary Ken Salazar last week announced new leases for offshore oil and gas drilling, which will take effect in 2012. While news reports characterized the decision as a bold response to the nation's energy needs, reality is quite to the contrary.

Within a month of taking office in 2009, Mr. Salazar froze drilling leases already approved by the outgoing George W. Bush administration. Then he imposed a six-month public comment period to precede his decision on whether to allow new drilling.  (go to article)

heatingoil.com -- Bloomberg reported on Wednesday that another high-profile international figure has pledged to fight excessive oil speculation, which many believe contributes to volatile prices. OPEC President Germanico Pinto of Ecuador laid out what he sees as the negative impact of volatile prices on OPEC and the oil industry: “volatility produces difficulties in the markets and in defining a long-term strategy for public investment in the oil industry.”  (go to article)

Asbury Park Press -- NEW YORK — The Energy Department on Tuesday said it still expects pump prices to climb past $3 per gallon as more motorists hit the road in the spring and summer driving seasons.

In its monthly short-term energy outlook report, the Energy Information
Administration said that for the full year it sees a national average price of $2.84 per
gallon, up from $2.35 per gallon in 2009.Oil prices should average above $80 per barrel this spring, rising to an average of
about $82 per barrel by the end of the year and to $85 per barrel by the end of 2011,
the report said.A more optimistic view of global economic growth prompted the EIA to boost its 2010 forecast for oil consumption growth to 1.5 million barrels per day from last month's prediction of 1.2 million barrels per day  (go to article)

DailyTech -- Charge strips are placed under blue line the tram followsAnyone who has ever traveled to a major amusement park knows the dread that is felt when facing a long hike to the gates from the parking lot. Amusement park goers can also appreciate the trams that typically run along the parking lot roadways which take visitors to and from the gates.

Most of these amusement park trams are powered by standard combustion engines or perhaps natural gas. A major amusement park in South Korea has debuted its new tram system that is electric and uses a "recharging road" to stay juiced. The tram is designed to look like a train engine and pulls three carriages to take passengers to and from the park gates. The tram system is called the Online Electric Vehicle or OLEV.
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MSN -- Controversial looks might have their detractors, but that doesn't mean the Juke isn't a winner in the making.....  (go to article)

MSN -- It's obvious that there is a market for Euro-only cars here in the land of the free and home of the brave. Sure, there are problems to consider, such as import costs, updating crash structures and having the cars evaluated for emissions, but none of that matters to us. We want these cars...  (go to article)

GasBuddy Blog -- Surprise, surprise. The DOE report today was quite bullish on many fronts, pushing oil prices and gasoline futures up almost immediately. Prices have since fallen back to hold on to small gains. In its Weekly Petroleum Status Report, the DOE outlines higher demand for oil products, lower gasoline and distillate inventories, and crude inventories gaining a respectable amount.

Crude inventories rose 1.4 million barrels while gasoline and distillate fuels fell a combined 5.1 million barrels, an amount that was larger than I had expected. The number may reflect refiners eager to move winter-spec material as temperatures begin to warm.

Also included in the report was demand data that showed motorists increasing appetite for...  (go to article)

Market Watch -- NEW YORK (MarketWatch) -- Oil major Royal Dutch Shell and oil-trading giant Vitol have suspended gasoline sales to Iran, as policy makers explore fresh options in an effort to curb the country's nuclear program.

Royal Dutch Shell spokesman Rainer Winzenried told MarketWatch that the oil major is not exporting gasoline to Iran. He declined to say how much gasoline Shell has typically sold to Iran, or how long ago the company stopped selling gasoline to the country.

Vitol spokesman Patrick Handley of the Brunswick Group's London office said the world's largest oil trader has taken no part in gasoline tenders with Iran since the start of the year. Some deliveries have been made in 2010 on contracts signed before Jan. 1, however.  (go to article)

Toronto Star -- The Toronto stock market pushed higher Wednesday morning, helped along by a sharp rise in oil prices following the release of the latest crude inventory levels in the U.S

The S&P/TSX composite index advanced 63 points to 11,981.7.

The TSX has been lower all week following a sharp three per cent gain last week, finally surpassing the level where it started the year, as investors responded to higher commodity prices and a slew of positive bank earnings.

Analysts said the back and forth action could be a factor in markets for some time.

“It’s been this way for six months and it’s probably going to continue this way for a number of months to come and that is that we are in a traders’ market,” said Gareth Watson, director Canadian Equities Portfolio Advisory Group at ScotiaMcLeod.  (go to article)

TVNZ -- Global oil demand will rise more quickly than expected in 2010, Opec says, increasing the need for crude from the 12-member group which meets to set policy next week.

Opec joins the US government's forecaster in raising oil demand estimates this week. Still, Opec's outlook remains conservative and it is widely expected to leave output policy steady when it meets on March 17.

Demand will rise by 880,000 barrels per day (bpd) in 2010 to average 85.24 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth rate is up 70,000 bpd from the previous forecast.  (go to article)

1200 WOAI news -- The head of the Toyota National Dealer Council today blasted the federal government for using 'taxpayer dollars' to fund incentive campaigns to lure customers away from Toyota, and accused GM of using ‘fear’ in an attempt to lure away its customers, 1200 WOAI news reports.

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InvestorPlace -- Today's release of OPEC's monthly market report for February highlights something that has been true for a long time now. The price OPEC receives for a barrel of oil jumped about $5/barrel since February 1 to close at $77.38/barrel yesterday.

Events in Europe, particularly the financial problems in Greece, kept the price low in the first half of the month, but improving economic data and the rise in stock prices have given the price of crude a bump in the last half of the month. The weak global economic recovery, as the OPEC report points out, is "mostly supported by the governmental-led stimulus."

That is not particularly good news for OPEC, nor for the rest of us for that matter. In the U.S., the outlook for a V-shaped recovery dwindles as consumers continue to hold on to their mon  (go to article)

MarketWatch -- U.S. oil demand in the month ended March 5 rose to an average of 19.41 million barrels a day, the highest reading since Sept 11, 2009, with overall demand up 3.8% from the year-ago period.  (go to article)

Honolulu Advertiser -- Chevron announced its work force reduction plan yesterday as part of a global restructuring, but did not detail where jobs cuts will be made.

Al Chee, Chevron's spokesman in Hawai'i, said he expects minimal or no impact from the plan on the company's roughly 300 employees here.

Chee said Chevron undertook a study last year to see whether it made sense to convert its oil refinery in Kapolei — one of only two in the Islands — to a terminal that receives refined fuel via ship, and concluded that maintaining the refinery made more sense.

"Our plan is to continue to operate our refinery," he said.

Though Chevron hasn't decided exactly where the job cuts will be made, Chee said, he doubts there will be much impact in Hawai'i.
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money.cnn.com -- NEW YORK -- The car company that is off to the worst start of 2010 isn't Toyota. It's Chrysler Group.

Industry experts say that even though Chrysler's overall sales are down only 3% during the first two months of the year, estimates show more than half of Chrysler's sales have been to fleet customers, such as rental car companies.

American consumers have essentially turned their backs on the Chrysler, Dodge and Jeep brands. By some estimates, the once proud member of America's Big Three automakers fell to No. 7 in February in terms of sales to U.S. consumers.  (go to article)

NY Times -- Let’s do the math....If you drive one of the Toyotas recalled for acceleration problems and don’t bother to comply with the recall, your chances of being involved in a fatal accident over the next two years because of the unfixed problem are a bit worse than one in a million — 2.8 in a million, to be more exact. Meanwhile, your chances of being killed in a car accident during the next two years just by virtue of being an American are one in 5,244.  (go to article)

Bloomberg -- By Mark Shenk

March 10 (Bloomberg) -- Crude oil fell before a report forecast to show that supplies rose for a sixth week in the U.S., the world’s largest energy-consuming country.

Inventories climbed 2 million barrels in the week ended March 5, according to the median of 17 analyst responses in a Bloomberg News survey. Analysts were split over whether gasoline supplies increased or declined and said that stockpiles of distillate fuel, a category that includes heating oil and diesel, slipped 1 million barrels.

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Treehugger -- Greenopia has updated their guide to the greenest oil companies--though it may seem like it, it's not entirely an oxymoron--and BP is still on top. The other positions have shifted a bit, with Sunoco and Hess taking second and third place:

Companies were judged on six criteria: Environmental reporting, greenhouse gas emissions, production efficiency, production efficiency, oil spill efficiency, pursuit of alternative fuels, and stance on climate change. Each category is judged on a scale of 1 to 10.  (go to article)

Stock Watch -- Auto Major Nissan has announced that it is planning to launch its new and ultra modern car, Micra in the Indian market soon in a motor show in the Swiss city of Geneva.

The car is build on the V-Platform with a curved shape along with an accented waistline and is already tested in Japan. Nissan wants to triple sales of the car and is aiming at leading markets like India, China, Mexico and Thailand for higher growth.

The model comes with 5 speed manual transmission and is also available in the CVT segment. It is powered by 80 HP 1.2 liters engine with an alternative 1.2 direct-injection three-cylinder engine to generate 98 HP. The engines are designed to be very fuel efficient.  (go to article)

The Globe And Mail -- Some of the boldest speculative oil traders at banks and hedge funds are betting on a return of gasoline's strength ahead of peak summer demand, bringing an early shift to summer from winter to the oil market.

Many traders use a popular spread play between gasoline and heating oil to try to make money from seasonal shifts in demand in the Northern Hemisphere.

But the spread is one of the most volatile and unpredictable in the oil market and is often called “the widowmaker” after the plight of those who have made the wrong bet.  (go to article)

NY Times -- Expectations were high for the 2010 Geneva International Motor Show, which opened to the news media on Tuesday. After a relatively low-key auto show in Detroit in January, manufacturers planned more than 100 vehicle introductions in Geneva, many of them overlapping.  (go to article)

TAREK EL-TABLAWY From Associated Press -- CAIRO (AP) — World oil demand is projected to grow by 900,000 barrels per day in 2010, OPEC said Wednesday, revising up its previous month's forecast while cautioning that the increase is hinged on a sustained global economic rebound, particularly in the United States.

The Organization of the Petroleum Exporting Countries, supplier of about 35 percent of the world's crude, raised its demand forecast to 85.24 million barrels per day, roughly 100,000 barrels per day higher than its February projections. It also said demand for OPEC crude was estimated at 29 million barrels a day — some 200,000 barrels per day more than its previous month's forecast — but noted that members were still overproducing.

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MSNBC -- With fear of unintended acceleration approaching the dimensions of mass hysteria, now is a good time to review the fundamentals of operating cars so that drivers are prepared in the event of a stuck throttle, whatever the cause.

The first order of business is to ensure familiarity with the car and its controls, advises Popular Mechanics magazine’s automotive editor Larry Webster. Check the placement of the pedals to avoid accidentally pressing the accelerator instead of the brake. Practice shifting the transmission into neutral. Practice shutting the engine off with the transmission in drive.  (go to article)

TIME -- Seismic tests over the past 50 years have shown countries up the coast of East Africa have natural gas in abundance. Early data compiled by industry consultants also suggest the presence of massive offshore oil deposits. Those finds have spurred oil explorers to start dropping more wells in East Africa, a region they say is an oil and gas bonanza just waiting to be tapped, one of the last great frontiers in the hunt for hydrocarbons.  (go to article)

reuters -- In the world of alternative fuels, Brazilians are lucky. They have some of the best land and climate in the world with which to grow sugarcane-which they have proven is an excellent feedstock for first generation ethanol production.

Not only is it incredibly easy to convert the cane sugar into ethanol through fermentation, they can power much of their ethanol production by burning the material leftover after harvesting and crushing the sugarcane to extract the sweet liquid.

Years ago the Brazilian government realized the potential in this system and started encouraging a major shift to a transportation sector capable of running mostly on ethanol. And now the fruits of their labor are being borne out: The 10 millionth ethanol flex-fuel capable vehicle has been delivered in Brazil.
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Montgomery Advertiser -- L CAJON< CALIF> The government sent investigators Tuesday to examine a runaway Prius that sped out of control on a California freeway, and Toyota said it wanted to interview the driver as the besieged automaker dealt with a high profile new headache that raised questions about the safety of its beloved hybrid.  (go to article)

Detroit News -- "Cadillac, which has really turned itself around with new levels of quality and exemplary products, doesn't want to be associated with something that will drag it down," said John Grace, president of marketing consultant BrandTaxi LLC in Stamford, Conn. "With GM's bankruptcy comes lower credibility in the ability to build quality products."

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Tennessean -- Drivers, boat owners and even home owners with lawn mowers are lining up to buy "100 percent gasoline, no ethanol" at several service stations ("Mechanics, drivers say pure gas beats blended fuels on performance, wear," Feb. 12). Or so we're told.
But, first, let's clear this up, once and for all: Ethanol is safe for cars, trucks, motorcycles, boats, lawnmowers and every other vehicle that runs on gasoline or diesel. Automakers approve the use of gasoline blends containing 10 percent or less of ethanol, and many motorists have been using the fuel without even realizing it.
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THE COLUMBUS DISPATCH -- By Alan Johnson -- State workers driving smaller cars and fewer miles last year burned less fuel, saving $6.8 million for Ohio taxpayers, according to an annual report.

The Office of Fleet Management report prepared by the Department of Administrative Services noted that having fewer state employees and slightly lower gas prices contributed to the cost reduction. The report covers only those vehicles under Administrative Services' control.

A $5.3 million drop in fuel costs for use of state vehicles accounted for most of the savings.

But the fact that state employees drove 6.25 million fewer miles in their personal cars last year also helped, saving taxpayers more than $800,000 in mileage reimbursement, according to the report.

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New York Times -- For many years, few metals drew bigger yawns from mining executives than lithium, a lightweight element long associated mostly with mood-stabilizing drugs.

Suddenly, the yawns are being replaced by eurekas. As awareness spreads that lithium is a crucial ingredient for hybrid and electric cars, a global hunt is under way for new supplies of the metal.

About 60 mining companies have begun feasibility studies in Argentina, Serbia and Nevada that could lead to more than $1 billion in new lithium projects in the next several years, while dozens of smaller projects are being proposed in China, Finland, Mexico and Canada.  (go to article)

Detroit Free Press -- Russia this week launched its version of a cash-for-clunkers program as part of an ambitious 10-year, $20-billion commitment to revive the country's hard-hit auto industry, which could benefit Detroit automakers - especially General Motors.

Much of that initial effort seems aimed at stimulating Russia's automakers, including the struggling AvtoVAZ. But General Motors, the country's No. 2 automaker, and Ford, which is No. 4, could also benefit as overall sales return.

Russia's program includes an initial investment of $6 billion going toward several areas, including the scrappage program; the government purchase of cars; AvtoVAZ, the nation's largest automaker, and retraining workers.

"Our end goal is to build a modern auto industry in Russia, including the entire production chain  (go to article)

Detroit Free Press -- The 2007 Toyota Tundra was among the most eagerly awaited new vehicles of the past decade: a rising automaker's ultimate challenge to established competitors.

The Tundra struck at U.S. automakers' last stronghold: full-size pickups. It was widely expected to stomp them into dust.

Instead of a triumph that pounded the final nail into Dodge, Ford and GM's coffins, Toyota's first full-size pickup has struggled.

Hampered by disappointing fuel economy and recalls, the Tundra was among the first cracks in the veneer of invincibility that Toyota built over decades.

The Tundra is far from the cause of Toyota's woes, but the big pickup may be symptomatic of what went wrong when the automaker's headlong rush to boost sales met a management culture in which all major decisions were mad  (go to article)

Houston Chronicle -- The global refining picture remains bleak even amid a fledgling economic recovery, and the only short-term remedy is to continue reducing refining capacity, executives from some of the world's leading refining companies said Tuesday.

With the sector expecting refining margins to improve only slightly this year, Bill Klesse, CEO of San Antonio-based Valero Energy Corp., showed a photo of a half-plucked and shellshocked rooster in full strut.

“No matter how badly refining treated you last year — just walk tall with your head held up high,” Klesse said to laughs during the Downstream Oil Plenary at the CERAWeek energy conference in Houston. “We're trying to make sure it's not road kill this year.”

The lighthearted introduction was offset by a grim outlook from Klesse, ...  (go to article)

Detroit Free Press -- PURCHASE — A woman smashed into a stone wall this morning because of a stuck accelerator on a Toyota Prius, Harrison police said.

The 56-year-old driver suffered non-life threatening injuries, acting Chief Anthony Marraccini said.

The woman was pulling out of the driveway at 3700 Purchase St. facing forward when the accelerator stuck, police said.

The car "shot" across the street smashing into a stone wall, Marraccini said.

The collision sent "some pretty big boulders" fairly far, Marraccini said.

Marraccini said the floor mat has been pretty much ruled out as a cause. The 2005 car appears to have had corrective action taken, Marraccini said. The floor mat was tied to the seat base with plastic ties.

The car has been taken to police headquarters for further analysis.  (go to article)

MSNBC -- EL CAJON, Calif. - Another Toyota Prius is being blamed for out-of-control acceleration following an incident in Harrison, N.Y., according to NBC's WNBC, as the besieged automaker deals with a new high-profile headache that raised questions about the safety of its beloved hybrid.

According to the television station, a 56-year-old woman smashed into a stone wall after her 2005 Prius "shot" across the street as she pulled out of a driveway on Tuesday. The incident caused considerable damage but no serious injuries, the station reported.

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Houston Chronicle -- While most in the energy business agree the worst of the recession has passed, differing views emerged Tuesday at CERAWeek 2010 about where the industry should focus its efforts in the years ahead.

On one side was the oil and gas industry, which said fossil fuels will be the dominant energy source for decades and that improving technology and abundant natural gas supplies hold the potential to extend that life further.

Vastly outnumbered on the other was Energy Secretary Steven Chu, who said the U.S. must accelerate efforts to wean itself from oil in what will amount to a “new industrial revolution,” or risk losing the clean technology race to other countries and doing further damage to the environment.

“Time is running out, and the train is leaving the station,” ...  (go to article)

Bloomberg -- China, the world’s fastest-growing major economy, turned a net importer of fuel in February after exporting more oil products than it bought for two months as demand from factories rose and exports of goods surged.

Imports of oil products including gasoline reached 2.89 million metric tons last month while fuel exports totaled 1.6 million tons, preliminary data released by the General Administration of Customs showed today.

Exports of Chinese-made goods jumped 46 percent in February in another sign of the country’s economic rebound, spurring factory consumption of oil. Refiners purchased 18.5 million tons of crude last month, or 4.85 million barrels a day, an increase of 58 percent from a year earlier.  (go to article)

Bloomberg -- Reliance Industries Ltd., operator of the world’s largest refining complex, sold gasoline to Iran in April and May of last year, India’s government said.

Reliance was the only Indian company to sell the fuel to the Middle Eastern nation, Jitin Prasada, junior oil minister, said in a written reply to the upper house of parliament in New Delhi yesterday. The Mumbai-based refiner stopped selling fuels to Iran in May last year, Reliance said Feb. 9. National Iranian Oil Co. buys gasoline from Reliance, Seifollah Jashnsaz, managing director of the Persian Gulf company, said in December.  (go to article)

Bloomberg -- E.ON AG, Germany’s largest utility, will give an earnings outlook for 2011 onwards at the middle of this year as economic progress remains “difficult” to gauge.

Chief Executive Officer designate Johannes Teyssen will comment on the “strategic development of the company, including new targets for the years after 2010, in the summer,” CEO Wulf Bernotat said today at a press briefing in Dusseldorf.

European peers RWE AG and GDF Suez SA have lowered earnings targets for the coming years after the recession eroded energy demand, forcing industrial clients to shutter factories. E.ON faces the added challenge of a surge in debt after snapping up power plants and adding clients from Spain to Siberia in 2008. The company is selling assets to reduce borrowings.  (go to article)

MSNBC -- As the economy recovers, energy prices are rising and that is placing extra strain on families' budgets.

Each spring brings a familiar ritual in gasoline markets — rising prices — and this year won't be an exception. But motorists aren't likely to pay much more than $3 a gallon, on average, during the peak summer driving season.

Lingering effects of the recession, such as high unemployment, reduced shipping and limited business travel, are keeping a lid on energy demand in the U.S. And global oil supplies are on the rise. For now, these trends are providing energy markets with enough of a cushion to prevent geopolitical tensions from causing severe price volatility.
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Bloomberg -- Oil traded little changed before a report forecast to show that crude inventories grew for a sixth week in the U.S., the world’s largest energy user.

Crude pared earlier losses as the dollar reversed gains against the euro, reinforcing oil’s appeal for hedging inflation. An Energy Department report today is forecast to show supplies climbed by 2 million barrels. OPEC said it will need to pump more oil than previously forecast this year after cutting its outlook for production of natural gas liquids.

“The market is taking direction from the dollar,” said Andrey Kryuchenkov, an analyst with VTB Capital in London. “Prices are pretty range-bound as we await the release of inventory data. Demand in the U.S. looks rather anemic, but data over the next few weeks may show an improvement.”  (go to article)

Bloomberg -- The Organization of Petroleum Exporting Countries said it will need to pump more crude than previously forecast this year after cutting its outlook for production of natural gas liquids.

OPEC, which produces about 40 percent of the world’s oil, predicts members will need to produce 28.94 million barrels a day to satisfy demand in 2010. That’s about 190,000 barrels a day more than last month’s projection. Still, OPEC expects demand for its crude this year to be lower than last year after it increased its estimate for 2009 by 200,000 barrels a day.  (go to article)

AP -- The Energy Department hasn't changed its mind about higher gasoline prices. It still expects pump prices to climb past $3 per gallon as more motorists hit the road in the spring and summer driving seasons.

In its monthly short-term energy outlook report, the Energy Information Administration said that for the full year the national average should be about $2.84 per gallon, up from $2.35 per gallon in 2009. That outlook was unchanged from last month.

Pump prices are already above $3 in California and are almost there elsewhere on the West Coast. The rest of the country isn't far behind. Higher oil prices, gasoline blended with ingredients to cut down on smog in warmer weather and an uptick in demand are expected to drive prices higher. Some analysts don't think U.S. consumers can affo  (go to article)

Financial Times -- he planned listing of QR National – which is what the business will be called upon listing – will be managed by Credit Suisse, Goldman Sachs JB Were, Merrill Lynch, RBS Morgans and UBS. It comes at a time of huge investment in Queensland’s coal industry, which is expected to double production during the next decade as demand from China grows  (go to article)

Market News -- The following is the second and final part of excerpts from OPEC's Monthly Oil Market Report for March released Wednesday, in which its forecast for 2010 world oil demand is revised up slightly by 0.1 million barrels per day -- to 0.9 million barrels -- with the group warning that oil market challenges will continue in the second quarter, and that current OPEC production is likely to exceed market needs:

OPEC Crude Oil Production

OPEC total crude oil production averaged 29.36 mb/d in February, according to secondary sources, an increase of 192 tb/d from the previous month. Production from Iraq, Angola, and Venezuela indicated the highest increase in February, while production from Nigeria experienced the biggest decline. OPEC crude production, not including Iraq, stood at 26.81 mb/  (go to article)

AME -- Energy market sentiment remains relatively positive amid rising economic expectations, according to the latest quarterly market outlook from Ernst & Young's Global Oil & Gas Center.
David Barringer, Ernst & Young's Oil & Gas Leader in the Middle East, says that the oil and gas sector is likely to fare better than most in the year ahead, given the sustained demand for oil.
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Reuters -- Oil failed to find momentum in either direction for a clear move away from $81.50 on Wednesday as investors waited for data on U.S. stocks or OPEC's monthly report ahead of next week's meeting to provide impetus.

U.S. crude for April delivery was flat at $81.49 by 1028 GMT (5:28 a.m. ET). It had earlier risen to within 80 cents of Monday's peak of $82.41, the highest level since prices jumped to a 15-month high of $83.95 on January 11. London ICE Brent for April edged up 7 cents to $79.98.

"There's a little bit of reticence about striking out one way or the other ... there's not enough information to herald decisively a bull run," said Paul Harris, head of energy and emissions at Bank of Ireland.

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