London, (ANTARA News/PRNewswire-AsiaNet) - The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped an average 32.22 million barrels per day (b/d) of crude oil in March, a 110,000 b/d decrease from February, according to a Platts (http://www.platts.com/) survey of OPEC and oil industry officials released Tuesday.
"Though OPEC's output fell in March, much of the decline appears to be related more to maintenance work in Nigeria and Venezuela than to any shift in philosophy on the part of the group," said John Kingston, Platts global director of oil.
"Indeed, despite the drop in output, OPEC-12 pumped well over its production target, showing members are more than happy to take advantage of record high prices."
Excluding Iraq, the 12 members bound by output agreements pumped an average 29.85 million b/d in March, 80,000 b/d lower than February's 29.93 million b/d, the survey showed.
Despite the dip in output from the OPEC-12, the March total was 177,000 b/d higher than their collective 29.673 million b/d crude production target.
Decreases in Iraqi, Venezuelan and Nigerian production totaling 160,000 b/d were partly offset by 50,000 b/d of increases from Iran, Ecuador and Qatar.
OPEC ministers met in February and March and decided on both occasions that despite crude prices in excess of $100 per barrel, there was no shortage of crude oil on world markets. The next formal OPEC ministerial meeting is scheduled for early September.
The group's president, Algerian oil minister Chakib Khelil, said earlier Tuesday that although it was possible OPEC could meet on the sidelines of the upcoming International Energy Forum in Rome, the probability of a meeting was "very low."
Khelil, who reiterated the view that current prices were not being driven by any shortage of crude supply, said he believed high oil prices were "here to stay."
US Energy Secretary Samuel Bodman said Monday he remained "optimistic" that OPEC would raise production despite the organization having ignored requests from the Bush administration to boost output at its February and March meetings.
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 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 http://www.mcgraw-hill.com
SOURCE: Platts
CONTACT: Europe: Shiona Ramage +44207 1766153 Asia: Casey
Yew +65 653 06552 Kathleen Tanzy +1-212-904-2860
Kathleen_tanzy@platts.com
Web site: http://www.platts.com
http://www.opec.platts.com
"Though OPEC's output fell in March, much of the decline appears to be related more to maintenance work in Nigeria and Venezuela than to any shift in philosophy on the part of the group," said John Kingston, Platts global director of oil.
"Indeed, despite the drop in output, OPEC-12 pumped well over its production target, showing members are more than happy to take advantage of record high prices."
Excluding Iraq, the 12 members bound by output agreements pumped an average 29.85 million b/d in March, 80,000 b/d lower than February's 29.93 million b/d, the survey showed.
Despite the dip in output from the OPEC-12, the March total was 177,000 b/d higher than their collective 29.673 million b/d crude production target.
Decreases in Iraqi, Venezuelan and Nigerian production totaling 160,000 b/d were partly offset by 50,000 b/d of increases from Iran, Ecuador and Qatar.
OPEC ministers met in February and March and decided on both occasions that despite crude prices in excess of $100 per barrel, there was no shortage of crude oil on world markets. The next formal OPEC ministerial meeting is scheduled for early September.
The group's president, Algerian oil minister Chakib Khelil, said earlier Tuesday that although it was possible OPEC could meet on the sidelines of the upcoming International Energy Forum in Rome, the probability of a meeting was "very low."
Khelil, who reiterated the view that current prices were not being driven by any shortage of crude supply, said he believed high oil prices were "here to stay."
US Energy Secretary Samuel Bodman said Monday he remained "optimistic" that OPEC would raise production despite the organization having ignored requests from the Bush administration to boost output at its February and March meetings.
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 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 http://www.mcgraw-hill.com
SOURCE: Platts
CONTACT: Europe: Shiona Ramage +44207 1766153 Asia: Casey
Yew +65 653 06552 Kathleen Tanzy +1-212-904-2860
Kathleen_tanzy@platts.com
Web site: http://www.platts.com
http://www.opec.platts.com
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