Platts Survey: OPEC Pumps 29.91 Million Barrels of Crude Oil Per Day in September
First Time OPEC Oil Output Falls Below 30 Million b/d Since 2011
LONDON, Oct. 10, 2013 /PRNewswire/ -- Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) fell below 30 million barrels per day (b/d) for the first time in more than two years in September, as maintenance work at Iraq's southern facilities slashed the country's exports and Libyan production was further reduced by ongoing strikes and protests, a just-released Platts survey of OPEC and oil industry officials and analysts showed.
The oil producer group's 12 members pumped an average 29.91 million b/d in September, down 370,000 from estimated output of 30.28 million b/d in August, the survey found.
OPEC output was last below 30 million b/d in mid-2011, when the Platts survey estimated June volumes at 29.57 million b/d.
"Several OPEC officials have said recently that they're generally happy with the balance in the market," said John Kingston, Platts global director of news. "But if we presume that Iraqi oil will flow back to the market after the maintenance work, and if Libya can get a grasp on its security issues, this is a world oil market that could at some point be burdened with excess supply. If this happens, Saudi Arabia presumably will be ready to rein in production to balance the market."
Overall production in Iraq plummeted by 350,000 b/d month on month, to 2.8 million b/d in September from 3.15 million b/d in August, as maintenance work got under way on key oil export infrastructure in the Persian Gulf.
In Libya, continuing protests and strikes at key oil facilities reduced output by a further 180,000 b/d to an average 380,000 b/d. Output began to recover in the second half of the month, however, as production restarted at the Elephant and El Sharara fields in the west of the country after the government reached an agreement with the protesters.
Libyan oil minister Abdel Bari el-Arousi said on October 2 during a visit to London that production had recovered to almost 700,000 b/d and that the issue now was to end the protests at key ports in the east.
The 530,000 b/d combined drop in Iraqi and Libyan output was partly offset by small increases totaling 160,000 b/d from Algeria, Angola, Ecuador, Iran, Nigeria, the United Arab Emirates and Venezuela.
The Platts survey showed output from OPEC kingpin Saudi Arabia, which has boosted output in recent months, unchanged at 10 million b/d.
OPEC, which is scheduled to meet next on December 4 in Vienna, has an official output ceiling of 30 million b/d but no formal individual country quotas.
About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial (NYSE: MHFI), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.
About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI), a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power & Associates, McGraw Hill Construction and Aviation Week. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com.
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