OPEC pumps 30.1 million barrels per day in June: Survey

OPEC cranked out an additional 80,000 barrels per day (BPD) of crude in June to push average production over the month up to 30.1 million BPD (MMBPD), according to Platts survey of OPEC and oil industry officials released Monday.

Excluding Iraq, the 10 members with crude output quotas pumped an average 28.25 MMBPD, 50,000 BPD higher than May's 28.2 MMBPD, the survey showed.

Five countries increased output by a combined 140,000 BPD, but this was partly offset by 60,000 BPD of reductions. Algerian production rose by around 20,000 BPD alongside increasing output from BHP Billiton's Rhourde Ouled Djemma (ROD) field which came into production late last year.

"We continue to move closer toward the level of full production, which of course is an undefined figure," said John Kingston, global director of oil at Platts. "The inability of OPEC to produce much more is obvious in the relatively small net increase of 80,000 BPD at a time of record high oil prices. A great deal will depend on whether Saudi Arabia, the only member of OPEC with a significant volume of spare capacity, will be willing to produce additional barrels, even though much of its 1.5 MMBPD of surplus capacity is made up of the heavy oil for which the kingdom says there is no demand."

Iranian production edged up by 10,000 BPD to 3.99 MMBPD. Iran's new quota as of July is 4.11 MMBPD but some analysts believe Tehran's capacity is constrained at 4 MMBPD, 200,000 BPD lower than the 4.2 MMBPD claimed by oil minister Bijan Zanganeh.

Iraqi volumes rose by 30,000 BPD to 1.85 MMBPD, but ongoing infrastructural problems in the south continued to limit output and exports.

Nigeria boosted output by 50,000 BPD to 2.45 MMBPD, its highest monthly level recorded by Platts. UAE production edged back up by 30,000 BPD to average 2.43 MMBPD over the month.

Saudi Arabia produced an average 9.5 MMBPD, slightly down on the 9.55- mil BPD estimate for May. Venezuela, its upstream sector having failed to recover from an oil workers' strike in the winter of 2002-2003, saw its production ease back by 10,000 BPD to 2.64 MMBPD.

At 28.25 MMBPD, OPEC-10 production in June was already 250,000 BPD above the new 28 MMBPD ceiling which came into effect at the beginning of July. (*)

Country-by-country breakdown of production with figures in millions of bpd:

Country	June 05	May 05	Apr 05	Mar 05	Feb 05	Quota	July 01
Algeria	1.330	1.310	1.300	1.300	1.290	0.878	0.894
Indonesia	0.950	0.950	0.950	0.950	0.960	1.425	1.451
Iran	3.990	3.980	3.950	3.980	3.930	4.037	4.110
Iraq	1.850	1.820	1.860	1.850	1.850	N/A	N/A
Kuwait	2.550	2.550	2.500	2.450	2.430	2.207	2.247
Libya	1.630	1.630	1.620	1.620	1.610	1.473	1.500
Nigeria	2.450	2.400	2.370	2.350	2.350	2.265	2.306
Qatar	0.780	0.780	0.780	0.780	0.780	0.713	0.726
Saudi Arabia	9.500	9.550	9.500	9.400	9.250	8.937	9.099
UAE	2.430	2.400	2.450	2.450	2.450	2.400	2.444
Venezuela	2.640	2.650	2.680	2.700	2.680	3.165	3.223
Total	30.100	30.020	29.960	29.830	29.580	N/A	N/A
OPEC 10 (excluding Iraq)	28.250	28.200	28.100	27.980	27.730	27.500	28.000