Saturday, May 10, 2008

Platts Survey: OPEC Pumps 31.87 Million Barrels per Day of Crude Oil in April, Down 350,000 b/d



9 May 2008 21:57 Africa/Lagos


Platts Survey: OPEC Pumps 31.87 Million Barrels per Day of Crude Oil in April, Down 350,000 b/d

LONDON, May 9/PRNewswire/ --


The 13 members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 31.87 million barrels per day (b/d) of crude oil in April, a 350,000 b/d decrease from March, according to a Platts (http://www.platts.com/) survey of OPEC and oil industry officials released Friday. The sharp drop was largely the result of steep output losses in Nigeria.


Excluding Iraq, the 12 members which participate in output agreements pumped an average 29.49 million b/d, 360,000 b/d down from an estimated 29.85 million b/d in March.


"OPEC production has been relatively steady in recent months, but the sharp fall in Nigerian output shows how vulnerable overall supply from the group can be to developments in one country," said John Kingston, Platts global director of oil. "Given that spare capacity is also relatively tight, any disruption has a bigger impact on markets."


Ongoing losses in Nigerian supply as a result of continuing strife in the Niger Delta were exacerbated by a week-long pay strike at ExxonMobil, which shut down most of the company's 800,000 b/d of production and forced it to declare force majeure on exports from the 400,000 b/d Qua Iboe terminal.


Other smaller decreases came from Angola, Iran, Qatar, Saudi Arabia and Venezuela.


Iraqi volumes were a shade higher at 2.38 million b/d, with a slight dip in exports offset by slightly higher internal supply. Libyan output also edged up, to 1.75 million b/d from 1.74 million b/d in March.


The latest estimates show the OPEC-12 missing their 29.673 million b/d output target by 183,000 b/d.



Platts OPEC Survey 2008
Country April March February January Target
Algeria 1.390 1.390 1.390 1.390 1.357
Angola 1.850 1.900 1.900 1.850 1.900
Ecuador 0.500 0.500 0.490 0.500 0.520
Indonesia 0.860 0.860 0.860 0.830 0.865
Iran 3.940 3.960 3.930 3.980 3.817
Kuwait 2.550 2.550 2.550 2.550 2.531
Libya 1.750 1.740 1.740 1.740 1.712
Nigeria 1.800 2.020 2.100 2.100 2.163
Qatar 0.830 0.840 0.830 0.830 0.828
Saudi Arabia 9.100 9.150 9.150 9.200 8.943
UAE 2.590 2.590 2.590 2.590 2.567
Venezuela 2.330 2.350 2.400 2.400 2.470
OPEC-12 29.490 29.850 29.930 29.960 29.673
Iraq 2.380 2.370 2.400 2.290 N/A
Total 31.870 32.220 32.330 32.250




For more information on OPEC, go to the "Platts Guide to OPEC" at http://www.opec.platts.com.


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 US$6.8 billion. Additional information is available at http://www.mcgraw-hill.com.



Web site: http://www.platts.com
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Platts OPEC Survey




Source: Platts

Kathleen Tanzy, +1-212-904-2860, Kathleen_tanzy@platts.com; or Europe: Shiona Ramage, +44-207-1766153; or Asia: Casey Yew, +65-653-06552

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