Platts Survey: OPEC Pumps 31.11 mb/d in October, up 350,000 b/d
November 13 2007 - 9:26AM
PR Newswire (US)
LONDON, Nov. 13 /PRNewswire/ -- The 12 members of the Organization
of Petroleum Exporting Countries (OPEC) pumped an average 31.11
million barrels per day (b/d) of crude oil in October, or a 350,000
b/d increase from September, largely on higher volumes from Saudi
Arabia and Iraq, a Platts (http://www.platts.com/) survey showed
November 13. Output from the ten members which participate in
production pacts rose by 210,000 b/d to 27.08 million b/d, to
within 173,000 b/d of the new 27.253 million b/d official target
which became effective at the beginning of November, the survey of
OPEC and oil industry officials showed. The biggest increases came
from Saudi Arabia and Iraq, where output rose 100,000 b/d to 8.8
million b/d and by 110,000 b/d to 2.28 million b/d, respectively.
The latter production up tick was largely due to higher exports
from the Turkish Mediterranean port Ceyhan. "The October survey
results are good news for consumers, who haven't had much to smile
about recently," said John Kingston, Platts global director of oil.
"The fact that Iraqi output is up again is very encouraging,
especially against a backdrop of news reports about some parts of
the country stabilizing. It could be that output from the Iraqi
fields, especially those in the north, are no longer hanging by a
thread and may be seen as more reliable going forward. It's still a
long way to get back to the almost 3 million barrels per day that
was being produced just a few months before the March 2003 invasion
by the US, but the trends are positive." Other smaller increases
generally ranged between 10,000-30,000 b/d. Angolan output
continued its steady climb towards the 2.0 million b/d it is
targeting by the end of this year as new production came on stream.
Nigerian volumes, still constrained by the ongoing strife in the
key Niger Delta producing region, edged up slightly to 2.19 million
b/d, the survey showed. Neither Angola, which joined OPEC in
January 2007, nor Iraq participates in OPEC output agreements,
though Angola is expected to join the quota system at the beginning
of 2008. US light crude futures traded at a record $98.62/barrel on
November 7 and top oil consuming countries have been calling for
more oil from OPEC, which continues to insist that there is no
shortage of crude oil in world markets and that the high oil prices
are being driven by factors beyond supply and demand. OPEC heads of
state are set to meet in Saudi Arabia on November 17-18, but
several ministers and senior delegates have said a decision in
Riyadh on a new production increase is unlikely. A ministerial is
scheduled for December 5 in Abu Dhabi. Country October September
August July Nov. 1 Target Algeria 1.380 1.360 1.360 1.350 1.357
Indonesia 0.830 0.830 0.830 0.830 0.865 Iran 3.900 3.880 3.880
3.900 3.817 Kuwait 2.450 2.420 2.420 2.420 2.531 Libya 1.710 1.700
1.690 1.680 1.712 Nigeria 2.190 2.180 2.150 2.150 2.163 Qatar 0.820
0.810 0.810 0.810 0.828 Saudi 8.800 8.700 8.660 8.610 8.943 Arabia
UAE 2.600 2.590 2.590 2.560 2.567 Venezuela 2.400 2.400 2.400 2.400
2.470 OPEC-10 27.080 26.870 26.790 26.710 27.253 Angola* 1.750
1.720 1.680 1.670 N/A Iraq 2.280 2.170 1.990 2.120 N/A Total 31.110
30.760 30.460 30.500 N/A * Angola joined OPEC on January 1, 2007.
For more information on OPEC, go to the "Platts Guide to OPEC" at
http://www.opec.platts.com/. About Platts: Platts, a division of
The McGraw-Hill Companies (NYSE:MHP), is a leading global provider
of energy and commodities information. With nearly a century of
business experience, Platts serves customers across more than 150
countries. From 14 offices worldwide, Platts serves the oil,
natural gas, electricity, nuclear power, coal, emissions,
petrochemical and metals markets. Platts' real time news, pricing,
analytical services, and conferences help markets operate with
transparency and efficiency. Traders, risk managers, analysts, and
industry leaders depend upon Platts to help them make better
trading and investment decisions. Additional information is
available at http://www.platts.com/. About The McGraw-Hill
Companies: Founded in 1888, The McGraw-Hill Companies (NYSE:MHP) is
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http://www.mcgraw-hill.com/. DATASOURCE: Platts CONTACT: Kathleen
Tanzy 212-904-2860 Europe: Shiona Ramage +44207 1766153 Asia: Casey
Yew +65 653 06552 Web site: http://www.platts.com/
http://www.opec.platts.com/
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