Brent Crude Oil Explodes to $120 Per Barrel

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The Wall Street Journal posted oil production numbers for March that disclose the shortfall from the Libyan conflict. When the news hit the tape, Brent Crude exploded to the upside trading at $120.17 per barrel, up $1.47 (12:45 EDT.)

Here are the stats:
  • OPEC production fell 411,000 barrels per day to 29,343 million bpd.
  • Libya's production fell 343,000 barrels per day, from 1,396,000 bpd.
  • Nigeria fell 107,000 barrels per day due to Royal Dutch (RDS) Oil maintenance.
To make up for the shortfall, Saudi Arabia increased production by 500,000 barrels per day to 9.05 million bpd. Kuwait upped production by 37,000 barrels per day. Arab Emirates increased their production by 90,000 barrels per day.

Here's the real kicker. OPEC's seaborne exports are expected to fall by 530,000 barrels per day in the next four weeks.

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Brent Crude Oil Explodes to $120 Per Barrel originally appeared on BloggingStocks on Mon, 04 Apr 2011 15:00:00 EST. Please see our terms for use of feeds.

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