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OPEC Pumps 29.76 Million Barrels Per Day in March, Down 160,000 Barrels Per Day, According to Platts

Posted on: Monday, 10 April 2006, 18:00 CDT

LONDON, April 10 /PRNewswire/ -- OPEC's eleven members, including Iraq, pumped an average 29.76 million barrels per day (b/d) of crude in March, down 160,000 b/d from February's 29.92 million b/d, a Platts survey of OPEC and oil industry officials showed Monday.

Excluding Iraq, production from the ten members with quotas fell by 190,000 b/d to 27.94 million b/d and below the official 28 million b/d output ceiling.

Nigeria, where militants in the Niger Delta have intensified attacks on oil installations since the beginning of this year, accounted for the biggest single fall in volumes -- 220,000 b/d.

"Even with oil prices well above $60/barrel, OPEC doesn't appear to be trying to make up for the fall in Nigerian volumes, which supports the view that OPEC-10 production is constrained around the level of the 28 million b/d official ceiling," said John Kingston, global director of oil at Platts.

Venezuelan production, which has never fully recovered from the oil workers' strike of winter 2002-2003, slipped below 2.6 million b/d, the survey showed.

Despite lower exports from Basra and none at all from the north via Turkish Mediterranean port Ceyhan, Iraqi volumes were slightly up on February at 1.82 million b/d, thanks to higher refining throughputs.

Qatari production was a shade higher at 810,000 b/d, while UAE output averaged 2.53 million b/d, 30,000 b/d up from February.

Iranian production was unchanged at 3.86 million b/d, 250,000 b/d below Tehran's 4.11 million b/d OPEC quota.

Saudi volumes were also unchanged at 9.5 million b/d. Details of monthly output by country, in million b/d: Country Mar-06 Feb-06 Jan-06 Dec-05 Nov-05 Quota Algeria 1.370 1.370 1.370 1.370 1.370 0.894 Indonesia 0.920 0.920 0.920 0.930 0.930 1.451 Iran 3.860 3.860 3.900 3.930 3.950 4.110 Iraq 1.820 1.790 1.530 1.550 1.700 N/A Kuwait 2.540 2.540 2.540 2.540 2.550 2.247 Libya 1.670 1.670 1.660 1.660 1.660 1.500 Nigeria 2.150 2.370 2.400 2.420 2.450 2.306 Qatar 0.810 0.800 0.800 0.800 0.800 0.726 Saudi Arabia 9.500 9.500 9.480 9.500 9.550 9.099 UAE 2.530 2.500 2.480 2.500 2.490 2.444 Venezuela 2.590 2.600 2.600 2.600 2.600 3.223 Total 29.760 29.920 29.680 29.800 30.050 28.000 OPEC 10 27.940 28.130 28.150 28.250 28.350 28.000 (excluding Iraq)

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

Platts, a division of The McGraw-Hill Companies , is the world leader in providing energy information. For nearly a century, Platts has helped to enable ever-changing global energy markets enhance their performance through such offerings as independent industry news and price benchmarks. From 15 offices worldwide, Platts covers the oil, natural gas, electricity, nuclear power, coal, petrochemical and metals markets. Additional information on Platts real-time news and price assessment services, publications, databases, geospatial tools, conferences, magazines, research and analytical services and energy financial services 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 290 offices in 38 countries. Sales in 2005 were $6.0 billion. Additional information is available at http://www.mcgraw-hill.com/.

Platts

CONTACT: Rebecca HillPlatts-US+1-212-512-3644rebecca_hill@mcgraw-hill.comKaren ClealePlatts-UK+44-0-207-176-6153karen_cleale@platts.com

Web site: http://www.platts.com/http://www.mcgraw-hill.com/http://www.opec.platts.com/

Source: PRNewswire

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