Platts Survey: OPEC Pumps 30.34 Million Barrels of Crude Oil Per Day in July Crude Oil Output Down 110,000 Barrels Per Day From June on Libyan Drop
LONDON, Aug. 8, 2013 /PRNewswire/ -- Platts – Crude oil output from the Organization of the Petroleum Exporting Countries (OPEC) fell 110,000 barrels per day (b/d) to 30.34 million b/d in July from 30.45 million b/d in June, a Platts survey of OPEC and oil industry officials and analysts showed Thursday.
"When the consuming world wonders why oil prices remain relatively high, the Libyan production drop-off cited in our report is a reason," said John Kingston, Platts global director of oil, "as well as the declines seen from South Sudan, Egypt, Syria, and in particular, the decline in Nigeria, though it rose slightly this month."
The key production increases are coming from: the United States, Canada, and swing producer Saudi Arabia.
"Ultimately, it's a lot of heavy lifting for those three countries, given the shortfalls in so many other locations," Kingston noted.
A 130,000 b/d increase from OPEC kingpin Saudi Arabia failed to offset the 200,000 b/d month-over-month crude output drop in Libya, where production and exports have been affected by strikes about pay and conditions as well as protesters demanding oil sector employment. Libyan crude output was estimated at an average 1 million b/d in July.
Libya's main oil export terminals at Es Sider, Ras Lanuf and Zueitina remained closed this week. Prime Minister Ali Zeidan said last week that crude exports had dropped by more than 70% to just 330,000 b/d. Nuri Berruien, head of the National Oil Corporation, told Platts in early August that output had dropped to around 820,000 b/d.
Output increases, albeit small, were seen in Kuwait and in Nigeria last month, where the Trans-Niger pipeline briefly came back on stream before being shut down again after a new leak.
Output from sanctions-strapped Iran dipped by 20,000 b/d to 2.66 million b/d. Iraqi production fell for the third consecutive month, to 2.98 million b/d in July from 3 million b/d in June, 3.1 million b/d in May and 3.15 million b/d in April. Angolan production fell by 30,000 b/d to 1.75 million b/d.
OPEC exceeded its overall production ceiling of 30 million b/d by 340,000 b/d in July. The group agreed at its Vienna meeting in June to maintain the ceiling established in January 2012 but which does not include individual country quotas.
For output numbers by country, click here. You may be prompted for a cost-free, one-time-only log-in registration. For the latest OPEC news features, visit this OPEC Features link and for an OPEC guide, access this link (http://www.platts.com/newsfeature/2013/oil/opec/index).
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.