Survey says OPEC output dips to 27.55 million bpd in May
Thursday, June 14 2001 - 05:18 AM WIB
Excluding Iraq, which does not participate in OPEC output agreements, the remaining 10 members covered by the cartel's 24.201-mil bpd production ceiling pumped an average 24.65-mil bpd. This figure represented a 20,000 bpd dip from April's 24.67-mil bpd, but left the organization some 449,000 bpd above its self-imposed ceiling.
Three countries-Algeria, Kuwait and Saudi Arabia-increased production by a combined 60,000 bpd. Five countries-Iran, Iraq, Nigeria, the UAE and Venezuela-reduced output by a combined 110,000 bpd. Indonesia, Libya and Qatar maintained output at April levels.
``What possible action might be taken at next month's OPEC meeting is a guessing game at best,'' commented John Kingston, global director of oil for Platts. ``The move by the Iraqis to cut off supplies, just as the gasoline market is starting to weaken, offers no sense of direction at this point. With the meeting just three weeks away, possible outcomes include an increase in production or the preservation of current levels. It's simply too early to speculate which will be the chosen option.'' Indonesia under produced its quota by 45,000 bpd. The other nine countries bound by quotas overproduced theirs by between 34,000 bpd in the case of Venezuela and 95,000 bpd in the case of Saudi Arabia.
Iraq produced an average 2.9-mil bpd, down 30,000 bpd on April's 2.93-mil bpd. Iraqi volumes are set to plunge in June following Baghdad's decision to halt exports from June 4 in response to the UN's 30-day rollover of the oil-for-food program to allow time for debate on the ``smart sanctions'' proposed by the US and Britain. Iraqi exports were running as high as 2.48-mil bpd in the week to June 1, according to the UN.
OPEC ministers meeting June 5 in Vienna opted not to adjust output, despite the loss of Iraqi oil. They will meet again July 3, exactly when the one-month rollover of the oil-for-aid deal ends.
Country
|
May
|
Apr
|
Quota
|
Mar
|
Feb
|
Quota
|
Algeria
|
0.810
|
0.800
|
0.773
|
0.810
|
0.810
|
0.805
|
Indonesia
|
1.210
|
1.210
|
1.255
|
1.270
|
1.270
|
1.307
|
Iran
|
3.630
|
3.650
|
3.552
|
3.750
|
3.760
|
3.698
|
Iraq
|
2.900
|
2.930
|
N/A
|
2.740
|
2.020
|
N/A
|
Kuwait
|
2.020
|
2.000
|
1.941
|
2.100
|
2.060
|
2.021
|
Libya
|
1.360
|
1.360
|
1.296
|
1.380
|
1.390
|
1.350
|
Nigeria
|
2.000
|
2.040
|
1.993
|
2.120
|
2.100
|
2.075
|
Qatar
|
0.670
|
0.670
|
0.627
|
0.690
|
0.690
|
0.653
|
Saudi Arabia
|
7.960
|
7.930
|
7.865
|
8.240
|
8.240
|
8.189
|
UAE
|
2.170
|
2.180
|
2.113
|
2.210
|
2.240
|
2.201
|
Venezuela
|
2.820
|
2.830
|
2.786
|
2.910
|
2.920
|
2.902
|
|
|
|
|
|
|
|
Total
|
27.550
|
27.600
|
|
28.220
|
27.500
|
|
|
|
|
|
|
|
|
OPEC 10
|
24.650
|
24.670
|
24.201
|
25.480
|
25.480
|
25.201
|
(excluding Iraq). (*)