Published:
Platts Survey: Sept. OPEC Oil Output down 340,000 b/d to 32.47 million b/d
LONDON, Oct. 10 /PRNewswire/ -- Platts -- The 13 members of the
Organization of the Petroleum Exporting Countries (OPEC) pumped an average
32.47 million barrels per day (b/d) of crude oil in September, a Platts survey
of OPEC and oil industry officials showed today. This is down 340,000 barrels
per day from August and reflects output declines inSaudi Arabia,Iraq and
Angola.
ExcludingIraq, the 12 members bound by production agreements produced an
average 30.18 million b/d, the survey showed. This is 230,000 b/d less than
the August output of 30.41 million b/d and exceeds the so-called OPEC-12
output target of 29.673 million b/d by 507,000 b/d.
"At Platts, we are seeing increasing signs of crude and products going
unsold on the market," said Platts Global Director of Oil John Kingston. "This
means that from an OPEC perspective, the cuts we estimate for September may
not be coming fast enough to keep the market in balance. OPEC's upcoming
meeting is in November, and the conditions we face today could be radically
different by then."
Saudi Arabia accounted for the biggest single fall, 170,000 b/d. Iraqi
volumes dropped by 110,000 b/d and Angolan volumes by 100,000 b/d.
Other smaller dips came fromIran, whose output fell by 20,000 b/d to 3.98
million b/d, and fromEcuador, whose production eased by 10,000 b/d to 500,000
b/d.
Reductions totaling 410,000 b/d were partially offset by increases of
50,000 b/d fromLibya, whose output recovered to around 1.7 million b/d, and
20,000 b/d fromKuwait.
OPEC, which agreed at its September 9 meeting inVienna to leave official
output limits unchanged but to improve compliance, said Thursday it would
convene an extraordinary meeting on November 18 inVienna to discuss the
global financial crisis and its impact on world oil markets. The group had not
been scheduled to meet until December 17 in Oran, westernAlgeria.
Indonesia will leave OPEC at the end of the year.
For more information on OPEC, go to the "Platts Guide to OPEC" at
http://www.opec.platts.com. For production numbers by country, a table is
available at
http://www.platts.com/Oil/Resources/News%20Features/opec/prod_table.xml.
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
http://www.mcgraw-hill.com.
SOURCE Platts
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: ,OIL,SVY,ECO,Platts-OPEC-Survey
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