Platts Survey: OPEC Pumps 32.24 Million Barrels of Crude Oil Per Day In May, Up 370,000 b/d From April

    LONDON, June 11 /CNW/ -- The 13 members of the Organization of Petroleum
Exporting Countries (OPEC) pumped an average 32.24 million barrels per day
(b/d) of crude oil in May, an increase of 370,000 b/d from April's 31.87
million b/d, according to a Platts survey of OPEC and oil industry officials
just released.
    Production from the 12 members bound by output agreements rose 260,000
b/d to 29.75 million b/d in May, from 29.49 million b/d in April, the survey
showed. A sharp fall in Nigerian production was the main reason for the lower
April numbers. Nigerian output, estimated at 1.86 million b/d in May, showed
some recovery but was still well below pre-April levels of more than 2 million
    The biggest volume increases in May came from Saudi Arabia and Iraq.
Saudi production was estimated at 9.24 million b/d, up 140,000 b/d from
April's 9.1 million b/d. Saudi Arabia said last month its June production
would average 9.45 million b/d. Iraqi volumes, which averaged 2.38 million b/d
in April, rose to 2.49 million b/d in May, an increase of 110,000 b/d. Other
smaller increases came from Angola, Ecuador, Kuwait, Qatar, the UAE and
Venezuela. The increases were partly offset, however, by output drops in Iran
and Libya.
    The survey shows the OPEC-12 exceeding their 29.673 million b/d target by
77,000 b/d. A senior OPEC delegate said Monday that OPEC ceilings and quotas
had become largely irrelevant and that OPEC had a "tacit" understanding that
those members capable of boosting crude production should supply as much oil
as world oil markets needed.
    "It's clear that with non-OPEC output continuing to sag, and world demand
staying flat regardless of high prices, that any additional supply most likely
must come from OPEC," said Platts Global Director of Oil John Kingston. "The
International Energy Agency report released Tuesday morning says the world
drew stocks in April, and that's not supposed to happen. Stocks are supposed
to build in the second quarter, in anticipation of a fourth quarter stock
draw. But with OPEC spare capacity down to 2 million b/d, according to the
IEA, its ability to put much more oil on the market looks severely
    For a country-by-country breakdown of the Platts survey production
numbers and additional information such as the "Platts Guide to OPEC", go to
    About Platts:
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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
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