LONDON, May 9 /PRNewswire/ -- The 13 members of the Organization of
Petroleum Exporting Countries (OPEC) pumped an average 31.87 million barrels
per day (b/d) of crude oil in April, a 350,000 b/d decrease from March,
according to a Platts (http://www.platts.com/) survey of OPEC and oil industry
officials released Friday. The sharp drop was largely the result of steep
output losses in Nigeria.
Excluding Iraq, the 12 members which participate in output agreements
pumped an average 29.49 million b/d, 360,000 b/d down from an estimated 29.85
million b/d in March.
"OPEC production has been relatively steady in recent months, but the
sharp fall in Nigerian output shows how vulnerable overall supply from the
group can be to developments in one country," said John Kingston, Platts
global director of oil. "Given that spare capacity is also relatively tight,
any disruption has a bigger impact on markets."
Ongoing losses in Nigerian supply as a result of continuing strife in the
Niger Delta were exacerbated by a week-long pay strike at ExxonMobil, which
shut down most of the company's 800,000 b/d of production and forced it to
declare force majeure on exports from the 400,000 b/d Qua Iboe terminal.
Other smaller decreases came from Angola, Iran, Qatar, Saudi Arabia and
Venezuela.
Iraqi volumes were a shade higher at 2.38 million b/d, with a slight dip
in exports offset by slightly higher internal supply. Libyan output also edged
up, to 1.75 million b/d from 1.74 million b/d in March.
The latest estimates show the OPEC-12 missing their 29.673 million b/d
output target by 183,000 b/d.
For more information on OPEC, go to the "Platts Guide to OPEC" at
http://www.opec.platts.com.
About Platts:
Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading
global provider of energy and commodities information. With nearly a century
of business experience, Platts serves customers across more than 150
countries. From 17 offices worldwide, Platts serves the oil, natural gas,
electricity, nuclear power, coal, emissions, petrochemical, shipping and
metals markets. Platts' real time news, pricing, analytical services, and
conferences help markets operate with transparency and efficiency. Traders,
risk managers, analysts, and industry leaders depend upon Platts to help them
make better trading and investment decisions. Additional information is
available at http://www.platts.com.
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global
information services provider meeting worldwide needs in the financial
services, education and business information markets through leading brands
such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power
and Associates. The Corporation has more than 280 offices in 40 countries.
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SOURCE Platts
