LONDON, Sept. 9 /CNW/ -- The 13 members of the Organization of the
Petroleum Exporting Countries (OPEC) pumped an average 32.81 million barrels
per day (b/d) of crude oil in August, a Platts survey of OPEC and oil industry
officials showed September 9. This is 40,000 b/d higher than the July
production of 32.77 million b/d.
Excluding Iraq, the 12 members bound by OPEC output agreements produced
an average 30.41 million b/d, the survey showed. This is 100,000 b/d more than
July's 30.31 million b/d and some 737,000 b/d greater than OPEC's 29.673
million b/d output target.
"The small increase comes against a backdrop of a supply/demand balance
in the market that suddenly is looking somewhat bearish," said Platts Global
Director of Oil John Kingston. "This level of production reported by Platts is
more than analysts are projecting the global market requires to stay balanced.
It's the type of math that clearly has some OPEC members worried."
Increases totalling 130,000 b/d from Algeria, Angola, Iran, Nigeria and
Venezuela were partly offset by decreases totalling 90,000 b/d from Iraq and
Saudi Arabian production averaged 9.67 million b/d in August, 30,000 b/d
short of the 9.7 million b/d the country pumped in July but 727,000 b/d more
than its 8.943 million b/d target.
Saudi Arabia raised its output over several months as oil prices climbed
to record levels, saying it was responding to increased customer demand. But
international crude prices have fallen by more than $40 per barrel since early
July, when US West Texas Intermediate and North Sea Brent climbed above $147
For more information on OPEC, go to the "Platts Guide to OPEC" at
http://www.opec.platts.com. For production numbers by country, a table is
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.
Sales in 2007 were $6.8 billion. Additional information is available at
For further information:
For further information: Kathleen Tanzy +1-212-904-2860
Kathleen_tanzy@platts.com Europe: Shiona Ramage +44 207 1766153 Asia: Casey
Yew +65 653 06552 Web Site: http://www.platts.com