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OPEC pumps 29.75 mbp in May, Venezuela with 2.580 mbp
Petroleumworld
CARACAS
Petroleumworld.com 06 13 06
OPEC crude production averaged 29.75 million barrels per day (mbd) in May, up 120,000 bd from a revised figure of 29.63 million b/d in April. Venezuela production is estimated in 2.580 mbd **, maintaining in May its average production from April (2.580 mbd),below its quota of 3.223 mbd, a Platts survey of OPEC and oil industry officials showed June 8.
Production from the ten members with quotas (Iraq does not have one) averaged 27.79 million b/d, 210,000 b/d below their 28 million b/d ceiling but 170,000 higher than the revised figure for April of 27.62 million b/d, the survey showed.
Saudi production estimate have been revised for April and this means that total OPEC production for that month, including that of Iraq, has been revised down to 29.63 million b/d from 30.01 million b/d, while OPEC-10 production has been revised down to 27.62 million b/d from 28 million b/d.
Rising production from new Nigerian fields helped Nigerian output to recover further, despite the continuing loss of more than 500,000 b/d of crude shut in as a result of attacks on oil facilities by militants in the Niger Delta since early this year. The survey estimated that Nigerian production rose from 2.2 million b/d in April to 2.3 million b/d in May.
Iranian production was down by 30,000 b/d in May, at 3.85 million b/d, well below the Islamic Republic's 4.11 million b/d OPEC quota.
Iraqi production, having climbed above 2 million b/d in April, fell back by 50,000 b/d in May. Kirkuk crude flows from the north of the country by pipeline to Ceyhan on the Turkish Mediterranean remain suspended because of continuing security
concerns. Operations at Khor al-Amaya in the south, which processes about 5% of the country's crude exports, have been offline since May 26 when a fire struck the terminal while contractors were working.
Details of monthly output by country, in million b/d:
* Revised** According to the Venezuelan Goverment this estimate does not include Orinoco's extra heavy synthetic oil production, of around 600 mbp.
Source: www.opec.org and www.platts.com
Petroleumworld 12 06 06
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