Bahrain Mirror: The Al-Wasat newspaper said that the price of Bahrain's crude oil extracted from Abu Saafa oilfield has reached $50 per barrel in the global markets that will witness a huge difference between supply and demand, leading to price dispersion.

Bahrain extracts about 150.000 barrel a day; it's share from Abu Saafa oilfield to the global markets. Meanwhile, its production of the oilfield land is pumped directly to BAPCO refinery to be refined.

Bahrain withholds $1 for the future generations reserve account for every barrel it exports at a price over $40.

NYMEX and Brent crude oil prices kept descending yesterday. Data showed that US crude stocks increased with respect to the level of supply in the rest of the world, which raised doubts regarding OPEC's ability to reduce supplies and balance the market.

Merchants said that West Texas Intermediate was affected after the American Petroleum Institute issued a report late Thursday on the increasing US crude stocks by 897 thousand barrels in the week ending on 21 April to 532.5 million barrels.

OPEC and independent producers, including Russia and excluding the United States, pledged to cut output by about 1.8 million barrels during the first half of this year, aiming at controlling the supply glut since years and supporting the prices.

However, prices remained low during the year as US stocks continued to increase and led the global fuel supplies to new high levels despite pledges to cut output.

Arabic Version