LONDON, July 15 /CNW/ -- The 13 members of the Organization of Petroleum
Exporting Countries (OPEC) pumped an average 32.47 million barrels per day
(b/d) of crude oil in June, an increase of 230,000 b/d from the May level of
32.24 million b/d, according to the latest Platts survey of OPEC and oil
industry officials. Higher volumes from Saudi Arabia accounted for almost all
of the increase.
Excluding Iraq, the 12 members bound by OPEC output agreements pumped an
average 29.98 million b/d in June, up from 29.75 million b/d in May, and
307,000 b/d in excess of their 29.673 million b/d output target, the survey
Saudi Arabia produced an average 9.45 million b/d, which is up 210,000
b/d from the previous month. The Saudi government, during US President George
Bush's visit in May, said that it would boost output to 9.45 million b/d in
June. The government has since said it will increase output further in July,
to 9.7 million b/d, in line with increased demand.
Other smaller increases totaling 80,000 b/d came from Iran, Angola,
Kuwait and Qatar.
The only production decrease in June came from Nigeria, whose output fell
60,000 b/d to 1.8 million b/d as militant activity disrupted some operations.
Iraqi output was largely unchanged; a dip in exports was offset by higher
"The Saudis did their part, raising their output precisely to the levels
they promised," said Platts Global Director of Oil John Kingston. "It isn't
clear whether this additional Saudi crude is going to go into consumption or
inventory, but either way, it should find a home."
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. For additional information on The
McGraw-Hill Companies visit http://www.mcgraw-hill.com.
For further information:
For further information: Kathleen Tanzy, +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,