LONDON, April 11 /PRNewswire/ --
The 10 members of the Organization of Petroleum Exporting Countries (OPEC) bound by the group's output agreements produced an average 26.54 million barrels per day (b/d) in March, a Platts survey showed April 11. This is down 80,000 b/d from February's 26.62 million b/d but still 740,000 b/d above the group's 25.8 million b/d production target.
Total production from all 12 members, including Iraq which does not participate in OPEC output pacts and Angola which joined the group at the beginning of this year, dipped by 70,000 b/d to 30.11 million b/d, the survey estimated.
"There certainly is no sign that higher prices are leading OPEC producers to put more oil on to the market," said John Kingston, Platts Global Director of Oil. "To the contrary, the steps the group took several months ago to restrain output are still firmly in place. And with the third and fourth quarters, which are historically demand-growth periods, just months away, it won't be long before the group will be confronted with the question of whether to put more oil on to the market."
Among the OPEC-10, there were small output increases from Indonesia and United Arab Emirates (UAE), but Nigeria, following the latest attack on oil facilities in the Niger Delta, saw overall production fall by about 100,000 b/d.
Iraqi volumes were slightly down on February, while Angolan production continued to rise.
OPEC ministers agreed last October to remove 1.2 million b/d of crude from world oil markets beginning in November, saying supply was well in excess of demand and setting a production target of 26.3 million b/d. In December, they agreed to expand the cut by 500,000 b/d from February, bringing the target to 25.8 million b/d. The cuts were based on estimated September production of 27.5 million b/d.
The latest survey shows that the OPEC-10 have cut supply by some 1.27 million b/d since September, when Platts estimates pegged production at 27.81 million b/d.
Country March February January December November Cut
Algeria 1.330 1.330 1.340 1.350 1.350 0.084
Indonesia 0.850 0.840 0.860 0.860 0.860 0.055
Iran 3.800 3.800 3.850 3.850 3.850 0.249
Kuwait 2.410 2.410 2.460 2.460 2.460 0.142
Libya 1.680 1.680 1.690 1.700 1.710 0.102
Nigeria 2.150 2.250 2.250 2.230 2.230 0.142
Qatar 0.790 0.790 0.800 0.800 0.800 0.050
Saudi Arabia 8.600 8.600 8.750 8.790 8.800 0.538
UAE 2.500 2.490 2.500 2.500 2.550 0.143
Venezuela 2.430 2.430 2.450 2.460 2.460 0.195
OPEC-10 26.540 26.620 26.950 27.000 27.070 1.700
Angola(i) 1.570 1.550 1.500 N/A N/A N/A
Iraq 2.000 2.010 1.660 1.900 1.990
Total 30.110 30.180 30.110 28.900 29.060
(i) 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.
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