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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: TheBusDriver who wrote (2662)	10/12/2001 7:09:17 AM
From: Frank Pembleton	Respond to of 36161

OPEC Sept. Quota Compliance Crumbles-IEA LONDON (Reuters) - The International Energy Agency said on Friday quota compliance in the OPEC cartel crumbled in September, when the 10 countries with oil supply restrictions cut less than half the amount promised. The 10 nations, excluding Iraq which is subject to United Nations sanctions, cut output by 450,000 barrels per day (bpd) in September, versus a one million bpd reduction in their official quotas, the IEA said in its monthly oil market report. OPEC 10 output totaled 24.47 million bpd in September, 1.26 million bpd above their self-assigned 23.2 million bpd ceiling, the Paris-based watchdog said. Including Iraq, the 11-member group supplied 27.23 million bpd to world markets in September, 470,000 bpd below August. The IEA, which aims to protect oil consuming nations from OPEC's cartel power, said the world would need much less oil from the cartel in the fourth quarter because demand would be lower than expected before the September 11 attacks on the United States, and because non-OPEC supply is rising more than previously thought. The IEA revised downwards its estimate of demand for OPEC oil by 1.4 million bpd in the fourth quarter to 25.8 million bpd -- 1.43 million bpd below September's estimated output level. And for the first quarter next year, the IEA said the world required just 25.7 million bpd from the group, 1.2 million bpd below its previous estimate. The drastically lower estimates for OPEC oil demand were mainly due to a demand shock caused by the after-effects of the September 11 attacks, but it was exacerbated by an upwards revision in forecast non-OPEC supply. The IEA revised non-OPEC supply in the fourth quarter upwards by 300,000 bpd to 47.3 million bpd, while for 2002 as a whole, the IEA said it revised non-OPEC supply up 200,000 bpd to 47.5 million bpd. The increase in non-OPEC supply forecasts are largely due to revisions in Norway and Russia, the IEA said. news.excite.com