Platts Survey: OPEC Pumps 30.93 Million Barrels of Crude Oil Per Day in April
Output Up 210,000 Barrels Per Day from March
LONDON, May 8, 2015 /PRNewswire/ -- Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 30.93 million barrels per day (b/d) in April, up 210,000 b/d from March, as several member countries boosted production, according to the latest Platts survey of OPEC and oil industry officials and analysts.
"OPEC production has climbed within a whisker of 31 million b/d, well above the group's current ceiling," said Margaret McQuaile, senior correspondent for Platts, a leading global provider of energy and commodities information. "However, given the emphasis on preserving market share and barring some kind of pact with key non-OPEC producers, it seems unlikely that we will see any output policy change at the June 5 meeting. But, with the potential for additional barrels from Iran in the event of sanctions being lifted, the second half of the year could be a lot more eventful."
The April total, which is the highest since November 2012, leaves the group's output nearly 1 million-b/d above the 30 million b/d ceiling that has been in place since the beginning of 2012 and which Saudi Arabia successfully argued in November should be maintained, despite plunging oil prices and misgivings among several member countries.
The biggest single increase came from OPEC kingpin Saudi Arabia, which increased output by 100,000 b/d to 10.1 million b/d in April. Smaller increases came from Iran, Iraq, Kuwait, Libya and Nigeria.
Angolan output dropped by 70,000 b/d month on month to 1.68 million b/d, largely due to problems at BP's Plutonio field. Supply of another Angolan grade, Saturno, has also been affected by power outages in recent months.
Libyan production in April rose to 520,000 b/d from 480,000 b/d the previous month. Output climbed as high as 600,000 b/d early in the month as production ramped up from eastern fields, but technical problems at fields operated by the state-owned Sirte Oil Company and the closure of the Elephant (El Feel) field in southwestern Libya saw production slide back below 500,000 b/d.
In late April, crude supplies to the eastern Libyan port of Zueitina were suspended after protesters forced the closure of the pipeline feeding the terminal.
Iraqi production was estimated at 3.6 million b/d, up 70,000 b/d from March, increased exports from Ceyhan in Turkey compensating for a drop in those from the south.
OPEC ministers will review the current ceiling at talks in Vienna on June 5, but there are no indications that the oil producer club is planning any adjustments to current output policy.
In mid-April, Iranian oil minister Bijan Zanganeh said OPEC should cut 5% of its current output to balance world oil markets and prepare for increased flows of Iranian oil if ongoing talks between Tehran and six world powers result in a nuclear deal by a June 30 deadline and sanctions being lifted.
OPEC policy depends to a large extent on how Saudi Arabia, its most powerful member with production capacity of 12.5 million b/d, views the market. Saudi oil minister Ali Naimi said last month that the kingdom was willing to help restore stability to world oil markets, but only if major non-OPEC producers were also ready to participate.
OPEC's Vienna secretariat will release its latest monthly forecasts of supply and demand next week. In April, it forecast that demand for crude produced by its 12 members, plus movements in and out of stocks, would average 29.27 million b/d this year. In the third and fourth quarters, however, OPEC sees demand for its crude averaging 30.29 million b/d and 30.71 million b/d, up from 27.78 million b/d and 28.25 million b/d in the first and second.
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/news-feature/2015/oil/opec-guide/index.
Additional information on oil, energy and related information may be found on the Platts website at www.platts.com.
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 based in London with more than 1000 employees in more than 15 offices worldwide. Additional information is available at www.platts.com.
About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL and J.D. Power. The Company has approximately 17,000 employees in 30 countries. Additional information is available at www.mhfi.com.
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SOURCE Platts
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