Platts Survey: OPEC Pumps 29.11 Million Barrels of Oil Per Day in August

LONDON, Sept. 8 /PRNewswire/ -- Platts – Crude oil production from the 12-member Organization of the Petroleum Exporting Countries (OPEC) averaged 29.11 million barrels per day (b/d) in August, down 110,000 b/d from an estimated 29.22 million b/d in July, according to a just-released Platts survey of OPEC and oil industry officials and analysts.

"The U.S. Energy Information Administration (EIA) last week reported the highest-ever level of total U.S. petroleum inventories, and with refining margins in much of the world sliding, it's no surprise that OPEC may have found a little less appetite on the part of its customers for its product," said John Kingston, Platts global director of news.

Excluding Iraq, which does not participate in OPEC production agreements, the 11 members bound by quotas (OPEC-11) pumped an average 26.79 million b/d in August, down 30,000 b/d from an estimated 26.82 million b/d in July.

The August estimates show that the OPEC-11 exceeded its 24.845 million b/d target by 1.945 million b/d. This achieved a compliance rate of 53.7% with the 4.2 million b/d of output cuts agreed in late 2008 and which came into force in January 2009.

Decreases totalling 150,000 b/d from Iran, Nigeria, Qatar, the United Arab Emirates (UAE) and Iraq were partly offset by a 40,000 b/d increase in Angolan volumes. The biggest single production drop came from Iraq.

OPEC, which is 50 years old this month, is next scheduled to meet on October 14 in Vienna. Ministers have given no indication of any move to change the current production agreement.

The oil producing organization does not have an official price target but has informally adopted a range of $70-$80 per barrel (/b) as an appropriate level for both producing and consuming countries. International crude benchmarks are currently trading near the middle of that range.

For production numbers by country, view this table (you may be prompted for a cost-free one-time-only log in registration).

For other oil, energy and related information, visit Platts online at www.platts.com.

Platts OPEC and oil experts are available for media interviews; please consult Platts Media Center to schedule an interview.

About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience, Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil, natural gas, electricity, emissions, nuclear power, coal, petrochemicals, shipping, and metals markets from 17 offices worldwide. 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 www.platts.com.

About The McGraw-Hill Companies:

Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a global information and education company providing knowledge, insights and analysis in the financial, education and business information sectors through leading brands including Standard & Poor's, McGraw-Hill Education, Platts, and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2009 were $5.95 billion. Additional information is available at http://www.mcgraw-hill.com/.  

SOURCE Platts

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