Platts Survey: Opec Pumps 31.87 Million Barrels Per Day Of Crude Oil In April,

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10th May 2008, 11:06am - Views: 788





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MEDIA RELEASE PR30203


 

Platts Survey: OPEC Pumps 31.87 Million Barrels per Day of Crude Oil in 

April, Down 350,000 b/d


LONDON, May 10 /PRNewswire-AsiaNet/ --


    The 13 members of the Organization of Petroleum Exporting Countries

(OPEC) pumped an average 31.87 million barrels per day (b/d) of crude oil in

April, a 350,000 b/d decrease from March, according to a Platts

(http://www.platts.com/) survey of OPEC and oil industry officials released

Friday. The sharp drop was largely the result of steep output losses in

Nigeria.


    Excluding Iraq, the 12 members which participate in output agreements

pumped an average 29.49 million b/d, 360,000 b/d down from an estimated 29.85

million b/d in March.


    "OPEC production has been relatively steady in recent months, but the

sharp fall in Nigerian output shows how vulnerable overall supply from the

group can be to developments in one country," said John Kingston, Platts

global director of oil. "Given that spare capacity is also relatively tight,

any disruption has a bigger impact on markets."


    Ongoing losses in Nigerian supply as a result of continuing strife in the

Niger Delta were exacerbated by a week-long pay strike at ExxonMobil, which

shut down most of the company's 800,000 b/d of production and forced it to

declare force majeure on exports from the 400,000 b/d Qua Iboe terminal.


    Other smaller decreases came from Angola, Iran, Qatar, Saudi Arabia and

Venezuela.


    Iraqi volumes were a shade higher at 2.38 million b/d, with a slight dip

in exports offset by slightly higher internal supply. Libyan output also

edged up, to 1.75 million b/d from 1.74 million b/d in March.


    The latest estimates show the OPEC-12 missing their 29.673 million b/d

output target by 183,000 b/d.


    Platts OPEC Survey 2008


    Country         April        March     February     January     Target

    Algeria         1.390        1.390        1.390       1.390      1.357

    Angola          1.850        1.900        1.900       1.850      1.900

    Ecuador         0.500        0.500        0.490       0.500      0.520

    Indonesia       0.860        0.860        0.860       0.830      0.865

    Iran            3.940        3.960        3.930       3.980      3.817

    Kuwait          2.550        2.550        2.550       2.550      2.531

    Libya           1.750        1.740        1.740       1.740      1.712

    Nigeria         1.800        2.020        2.100       2.100      2.163

    Qatar           0.830        0.840        0.830       0.830      0.828

    Saudi Arabia    9.100        9.150        9.150       9.200      8.943

    UAE             2.590        2.590        2.590       2.590      2.567

    Venezuela       2.330        2.350        2.400       2.400      2.470

    OPEC-12        29.490       29.850       29.930      29.960     29.673

    Iraq            2.380        2.370        2.400       2.290        N/A

Conservation Energy Platts 2 image

    Total          31.870       32.220       32.330      32.250



    For more information on OPEC, go to the "Platts Guide to OPEC" at



    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 17 offices worldwide, Platts serves the oil, natural gas,

electricity, nuclear power, coal, emissions, petrochemical, shipping 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 a leading

global information services provider meeting worldwide needs in the financial

services, education and business information markets through leading brands

such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power

and Associates. The Corporation has more than 280 offices in 40 countries.

Sales in 2007 were $6.8 billion. Additional information is available at



     SOURCE:    Platts

    

    CONTACT:    Kathleen Tanzy

                +1-212-904-2860

                Kathleen_tanzy@platts.com


                Europe:

                Shiona Ramage

                +44207 1766153


                Asia:

                Casey Yew

                +65 653 06552


     Web site:  http://www.platts.com

                http://www.mcgraw-hill.com

                http://www.opec.platts.com

    (MHP)





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