OPEC Oil Output Up

Platts Survey: OPEC Oil Output Up Above Target
D Three Technology has been wondering who to believe and who to disbelieve when it comes to oil and gas output. WWW.Rigzone.com has an article on Sunday, July 15, 2007 via the reporting of Platts Survey of 10 members of the Organization of Petroleum Exporting Countries (OPEC) bound by the group's crude oil output agreements that they boosted production by 40,000 barrels per day to 26.6 million in June 2007, from a revised May 2007 level of 26.56 million barrels per day, a Platts’ survey showed July 11, 2007. This is well above the 25.8-million barrels per day production target set in February 2007 by the so-called OPEC-10.

Platts reports that total OPEC output, including volumes from Iraq and new member Angola, averaged 30.22 million barrels per day in June 2007, slightly higher.

The figures were then a revised figure of 30.21 million barrels per day for May 2007, the survey showed. Iraq does not participate in OPEC output agreements, while Angola, whose membership of the group began in January 2007, has yet to accept or be allocated any output target.

Platts further informs us that small volume increases totaling 80,000 barrels per day from Angola, Iran, Nigeria and the UAE were almost completely offset by output decreases totaling 70,000 barrels per day from Iraq, Indonesia and Venezuela.

We are further informed by Platts that Nigerian production in May has been revised downward to 2.05 million barrels per day from 2.13 million barrels per day. In June, the survey found Nigerian production to have risen to 2.08 million barrels per day from the revised May level.