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Platts Survey: OPEC Oil Output Rises Slightly in April After

整理: AG集&#时间: 2018-10-06


LONDON, May 11 /Xinhua-PRNewswire/ -- The 10 members of the Organization of Petroleum Exporting Countries (OPEC) bound by the group's output agreements produced an average 26.57 million barrels of crude oil per day in April, a Platts survey showed May 10. This is up 30,000 barrels per day (b/d) from March's 26.54 million b/d and 770,000 b/d above their 25.8 million b/d production target established last month.

"But these numbers have to be viewed as worrisome for consumers," said John Kingston, Platts global director of oil. "Although the International Energy Agency (IEA) projects that OPEC only needs to supply the market with 29.3 million b/d in the second quarter to keep inventories balanced, from a full-year perspective it must supply about 30.4 million b/d," he explained, with the heaviest supply needs coming in the third and fourth quarters respectively, of 30.5 million b/d and more than 31 million p/AAAAAAAAA> "So OPEC has to add a significant amount of supply in the market, just to keep inventories from declining further later this year," Kingston said. "And those estimates don't include any extra surge of OPEC oil that would be needed should the US Gulf of Mexico get hit by a significant hurricane in the coming months."

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, rose by 80,000 b/d to 30.19 million b/d, the survey estimateAAAAAAAAA> Small drops in output from Indonesia and Venezuela totaling 20,000 b/d were more than offset by increases totaling 100,000 b/d from Nigeria, Iraq and Angola, the survey showeAAAAAAAA> OPEC ministers agreed last October to remove 1.2 million b/d of crude from world oil markets from November 2006, 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/AAAAAAAA> Although OPEC compliance with its 1.7 million b/d total cut has fallen well short of 100%, world crude benchmarks have been holding above $60/barrel. The latest Platts survey shows that the OPEC-10 have cut supply by some 1.24 million b/d since September, when Platts estimates pegged production at 27.81 million b/AAAAAAAA> Country April March Feb Jan Dec Cut

Algeria 1.330 1.330 1.330 1.340 1.350 0.084

Indonesia 0.840 0.850 0.840 0.860 0.860 0.055

Iran 3.800 3.800 3.800 3.850 3.850 0.249

Kuwait 2.410 2.410 2.410 2.460 2.460 0.142

Libya 1.680 1.680 1.680 1.690 1.700 0.102

Nigeria 2.200 2.150 2.250 2.250 2.230 0.142

Qatar 0.790 0.790 0.790 0.800 0.800 0.050

Saudi Arabia 8.600 8.600 8.600 8.750 8.790 0.538

UAE 2.500 2.500 2.490 2.500 2.500 0.143

Venezuela 2.420 2.430 2.430 2.450 2.460 0.195

OPEC-10 26.570 26.540 26.620 26.950 27.000 1.700

Angola* 1.580 1.570 1.550 1.500 N/A N/A

Iraq 2.040 2.000 2.010 1.660 1.900

Total 30.190 30.110 30.180 30.110 28.900

* Angola joined OPEC on January 1, 2007.

About Platts:

Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and metals information. With nearly a century of businesAAAAperience, Platts serves customers across more than 150 countries. From 14 offices worldwide, Platts serves the oil, natural gas, electricity, nuclear power, coal, petrochemical 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 2006 were $6.3 billion. Additional information is available at http://www.mcgraw-hill.com .

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