OPEC pumps 29.76 mmbpd in March, down 160,000 bpd: Survey

OPEC's eleven members, including Iraq, pumped an average 29.76 million barrels per day (bpd) of crude in March, down 160,000 bpd from February's 29.92 mmbpd, a Platts survey of OPEC and oil industry officials showed Monday.

Excluding Iraq, production from the ten members with quotas fell by 190,000 bpd to 27.94 million bpd and below the official 28 million bpd 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 bpd.

"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 bpd 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 bpd, 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 bpd, thanks to higher refining throughputs.

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

Iranian production was unchanged at 3.86 mmbpd, 250,000 bpd below Tehran's 4.11 mmbpd OPEC quota.

Saudi volumes were also unchanged at 9.5 mmbpd.(*)