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Total OPEC output down 70,000 b/d in March at 30.11 mb/d: survey
Platts
LONDON
Petroleumworld.com 04 12 07
OPEC's ten members bound by crude output agreements pumped an average
26.54 million b/d in March, 80,000 b/d lower than February's 26.62 million b/d
but 740,000 b/d above their 25.8 million b/d production target, a Platts
survey estimated Wednesday.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.Among the OPEC-10, there were small output increases from Indonesia and
the 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 from 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. 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.The West's energy watchdog, the International Energy Agency, has said
that the world needs more OPEC oil, not less.
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Platts 11 04 07
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