Platts Survey: Total OPEC Output Dips 40,000 b/d to 30.46 mb/d in August



    LONDON, Sept. 7 /CNW/ -- OPEC crude production fell by 40,000 barrels per
day (b/d) in August, to 30.46 million b/d from 30.5 million b/d in July,
mainly because of lower exports from Iraq, a Platts (http://www.platts.com/)
survey showed September 7.
    The ten members bound by production agreements, however, boosted output
by 80,000 b/d, to 26.79 million b/d in August from 26.71 million b/d in July,
the survey showed.
    OPEC ministers meet in Vienna on September 11 to review the current
agreement, which sets target output at 25.8 million b/d. Several ministers
have said in the runup to the meeting that they do not see any need for the
group to raise this target.
    Actual OPEC-10 production has been steadily creeping up over the summer,
however, and is now about a million barrels per day above the 25.8 million b/d
target.
    John Kingston, Global Director of Oil at Platts, said, "OPEC faces a real
dilemma at its upcoming meeting. On the one hand, prices have climbed back up
toward the $75 level, and the supply/demand balance projects a tight market in
coming months, which might encourage OPEC to raise production. But when the
organization looks at Friday's U.S. employment figures, and considers the
ramifications of the US subprime mess, it will be concerned that a significant
slowdown in demand could be around the corner. With that in mind, it is
difficult to see a scenario in which it will vote to raise output, given that
based on our survey, production is rising slightly regardless."
    Apart from a small dip in Iranian production, the only significant
decline came from Iraq. Iraqi exports had been boosted in July by the first
liftings from Turkish Mediterranean port Ceyhan since January. There were no
exports from Ceyhan in August, leaving Iraq to rely solely on its southern
terminals. State oil marketer SOMO will sell 5 million barrels from Ceyhan in
September, however, having built up stocks at the port.

    Iraq, struggling to rebuild its oil industry after years of United
Nations sanctions and a US-led war in 2003, does not participate in OPEC
output pacts. Angola, which became a member in January this year, has yet to
join the quota system.

    
    Country      August    July    June      May      April     Cut
    Algeria      1.360    1.350    1.350    1.350     1.330    0.084
    Indonesia    0.830    0.830    0.830    0.840     0.840    0.055
    Iran         3.880    3.900    3.880    3.850     3.800    0.249
    Kuwait       2.420    2.420    2.420    2.420     2.410    0.142
    Libya        1.690    1.680    1.680    1.680     1.680    0.102
    Nigeria      2.150    2.150    2.080    2.050(R)  2.200    0.142
    Qatar        0.810    0.810    0.800    0.800     0.790    0.050
    Saudi Arabia 8.660    8.610    8.610    8.610     8.600    0.538
    UAE          2.590    2.560    2.550    2.540     2.500    0.143
    Venezuela    2.400    2.400    2.400    2.420     2.420    0.195
    OPEC-10     26.790   26.710   26.600   26.560(R) 26.570    1.700
    Angola(*)      1.680    1.670    1.640    1.630     1.580     N/A
    Iraq         1.990    2.120    1.980    2.020     2.040     N/A
    
    Total       30.460   30.500   30.220   30.210(R) 30.190    (*) Angola
joined OPEC on January 1, 2007. ( R ) means revised.
    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
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From 14 offices worldwide, Platts serves the oil, natural gas, electricity,
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http://www.platts.com.
    
    About The McGraw-Hill Companies:
    
    Founded in 1888, The McGraw-Hill Companies (NYSE:   MHP) is a leading
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http://www.mcgraw-hill.com.




For further information:

For further information: Kathleen Tanzy Platts +1-212-904-2860 
Kathleen_tanzy@platts.com Europe: Shiona Ramage +44207 1766153 Asia: Casey 
Yew +65 653 06552 Web Site: http://www.platts.com                 
http://www.mcgraw-hill.com/

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