September 9, 2008
Platts Survey: August OPEC Oil Output Up 40,000 B/D to 32.81 Million B/D
LONDON, Sept. 9 /PRNewswire/ -- The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped an average 32.81 million barrels per day (b/d) of crude oil in August, a Platts survey of OPEC and oil industry officials showed September 9. This is 40,000 b/d higher than the July production of 32.77 million b/d.
Excluding Iraq, the 12 members bound by OPEC output agreements produced an average 30.41 million b/d, the survey showed. This is 100,000 b/d more than July's 30.31 million b/d and some 737,000 b/d greater than OPEC's 29.673 million b/d output target."The small increase comes against a backdrop of a supply/demand balance in the market that suddenly is looking somewhat bearish," said Platts Global Director of Oil John Kingston. "This level of production reported by Platts is more than analysts are projecting the global market requires to stay balanced. It's the type of math that clearly has some OPEC members worried."
Increases totalling 130,000 b/d from Algeria, Angola, Iran, Nigeria and Venezuela were partly offset by decreases totalling 90,000 b/d from Iraq and Saudi Arabia.
Saudi Arabian production averaged 9.67 million b/d in August, 30,000 b/d short of the 9.7 million b/d the country pumped in July but 727,000 b/d more than its 8.943 million b/d target.
Saudi Arabia raised its output over several months as oil prices climbed to record levels, saying it was responding to increased customer demand. But international crude prices have fallen by more than $40 per barrel since early July, when US West Texas Intermediate and North Sea Brent climbed above $147 per barrel.
For more information on OPEC, go to the "Platts Guide to OPEC" at http://www.opec.platts.com/. For production numbers by country, a table is available at http://www.platts.com/Oil/Resources/News%20Features/opec/prod_table.xml.
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