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Platts Survey: OPEC Oil Output Rises to 28.83 Million Barrels per Day in September

Posted on: Thursday, 8 October 2009, 14:08 CDT

LONDON, Oct. 8 /PRNewswire/ -- Platts -- The Organization of the Petroleum Exporting Countries (OPEC) crude oil production averaged 28.83 million barrels per day (b/d) in September, up 40,000 b/d from August's 28.79 million b/d, a Platts survey of OPEC and oil industry sources and analysts showed October 8.

"Production has risen again but mainly because of higher volumes from Angola and Nigeria, the latter aided by a decline in militant attacks on oil installations in the Niger Delta, the country's main producing area," said John Kingston, Platts global director of oil. "Once again, quota compliance has fallen, but OPEC does not appear to be unduly concerned. It's hoping to steer clear of taking any output actions that might jeopardize global economic conditions."

Increases from Angola and Nigeria totalling 150,000 b/d were offset by decreases from Ecuador, Iran, Iraq, Saudi Arabia, the UAE and Venezuela totalling 110,000 b/d.

Excluding Iraq, which does not participate in OPEC output agreements, production from the OPEC-11, the members bound by quotas, rose by 90,000 b/d to 26.33 million b/d in September, up from 26.24 million b/d in August. The latest estimates leave the OPEC-11 overproducing their 24.845 million b/d output target by about 1.49 million b/d.

Compliance with the 4.2 million b/d of cuts agreed late last year has been declining since April alongside a broad firming of oil prices. Having peaked at close to 82% in March, compliance fell to 64.6% in September, Platts calculates.

In September, OPEC rolled over its official output target for the third time this year, saying that although the outlook for fundamentals was gloomy, it did not want to take any action on production that might endanger global economic recovery.

Algerian oil minister Chakib Khelil said on October 7 he did not expect the group to increase official quotas at its next scheduled meeting of December 22 because the world economy is not strong enough to need extra supply.

Late last month, Saudi oil minister Ali Naimi told U.S. broadcaster PBS that while he believed the global economy was on the road to recovery, which was already translating into higher demand for energy; he saw no reason for OPEC to adjust official output limits at its December meeting.

For production numbers by country, view this table.

For an OPEC production map, click here. For other oil, energy and related information, visit Platts online at www.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 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, petrochemical, 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 http://www.platts.com.

About The McGraw-Hill Companies:

Founded in 1888, The McGraw-Hill Companies 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 2008 were $6.4 billion. Additional information is available at www.mcgraw-hill.com.

CONTACT: Kathleen Tanzy 212-904-2860 Kathleen_tanzy@platts.com

SOURCE Platts

Source: PR Newswire

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