OPEC Aug Output Up 820,000 B/D At 28.92 Mln B/D - MEES
Dow Jones Newswires
- - 18/09/07-03G
MANAMA, Bahrain -- Total crude oil production by the Organization of Petroleum Exporting Countries increased by 820,000 barrels a day in August to 28.92 million barrels a day, compared with 28.1 million b/d in July, the weekly Middle East Economic Survey reported Monday.
Output by the OPEC 10, excluding Iraq, was at 25.92 b/d in August, compared with their target of 25.4 million b/d in the month, and also up from an estimated July output of 25.66 million b/d, according to the MEES survey.
MEES said the rise came almost entirely from Saudi Arabia and Iraq, while most of the other countries maintained their production at or near capacity levels, as in July
The only exception was Iran, which experienced a substantial decline in production in August.
MEES said Saudi Arabia continued its policy of raising production in order to meet the second rise in OPEC quota allocations for the year, which began July 1. It also upped production to meet the increasing global demand for oil, which has been reflected in rising crude oil and oil product prices.
Saudi Arabia's August production increased to 8.75 million b/d, a rise of 400,000 b/d over July and 1.1 million b/d over January's level.
Iraq also increased production substantially by 560,000 b/d to 3 million b/d in August, against 2.44 million b/d in July. The substantial increase in Iraqi output is attributed mainly to Iraq's adoption of a flexible marketing policy, particularly for sales to Europe, by adjusting prices every 10 days, the newsletter said.
In Addition, there were neither procedural delays at the U.N. nor any substantial field problems stemming from the all-out production policy adopted by Baghdad.
According to the MEES report, Iran's August oil production fell to 3.54 million b/d, which included 2.14 million b/d for exports and 1.4 million b/d delivered to domestic refineries, compared 3.72 million b/d in July.
However, MEES said it wasn't clear why Iranian production in August fell by 180,000 b/d under its July quota of 3.727 million b/d.
The following are MEES output estimates for OPEC production Jan-Aug 2000
(In thousands barrels a day)
2000
Year Quotas 2000
Aug Jul Jun May Apr Mar Feb
Jan '99 Pre-Apr Apr-Jun Eff.Jul
------------------------------------------------------ --
----------------------
Algeria 840 840 830 810 800 780 770
760 758 731 788 811
Indonesia 1,310 1,300 1,300 1,300 1,320 1,320 1,330
1,330 1,304 1,187 1,280 1,317
Iran 3,540 3,720 3,690 3,700 3,640 3,860 3,540
3,440 3,541 3,359 3,623 3,727
Iraq 3,000 2,440 2,540 3,030 2,630 2,160 2,590
2,180 2,542 - - -
Kuwait* 2,140 2,140 2,130 2,100 2,000 1,960 1,950
1,900 1,901 1,836 1,980 2,037
Libya 1,420 1,420 1,420 1,400 1,400 1,390 1,380
1,370 1,328 1,227 1,323 1,361
Nigeria 2,010 2,000 2,030 2,000 2,030 1,940 1,930
1,920 1,948 1,885 2,033 2,091
Qatar 720 720 720 680 670 660 650
640 625 593 640 658
S. Arabia*8,750 8,350 8,250 8,150 8,100 7,700 7,680
7,650 7,662 7,438 8,023 8,253
UAE 2,260 2,240 2,200 2,250 2,180 2,110 2,100
2,060 2,071 2,000 2,157 2,219
Venezuela 2,930 2,930 2,890 2,890 2,930 2,880 2,830
2,830 2,788 2,720 2,845 2,926
Total 28,920 28,100 2 |
