OPEC Pumps 30.1 Million Barrels Per Day in June, According to Platts

OPEC cranked out an additional 80,000 barrels per day (b/d) of crude in June to push average production over the month up to 30.1-mil b/d, a Platts survey of OPEC and oil industry officials showed July 11. Excluding Iraq, the 10 members with crude output quotas pumped an average 28.25-mil b/d, 50,000 b/d higher than May's 28.2-mil b/d, the survey showed.

Five countries increased output by a combined 140,000 b/d, but this was partly offset by 60,000 b/d of reductions. Algerian production rose by around 20,000 b/d alongside increasing output from BHP Billiton's Rhourde Ouled Djemma (ROD) field which came into production late last year.

"We continue to move closer toward the level of full production, which of course is an undefined figure," said John Kingston, global director of oil at Platts. "The inability of OPEC to produce much more is obvious in the relatively small net increase of 80,000 b/d at a time of record high oil prices. A great deal will depend on whether Saudi Arabia, the only member of OPEC with a significant volume of spare capacity, will be willing to produce additional barrels, even though much of its 1.5-mil b/d of surplus capacity is made up of the heavy oil for which the kingdom says there is no demand."

Iranian production edged up by 10,000 b/d to 3.99-mil b/d. Iran's new quota as of July is 4.11-mil b/d but some analysts believe Tehran's capacity is constrained at 4-mil b/d, 200,000 b/d lower than the 4.2-mil b/d claimed by oil minister Bijan Zanganeh.

Iraqi volumes rose by 30,000 b/d to 1.85-mil b/d, but ongoing infrastructural problems in the south continued to limit output and exports.

Nigeria boosted output by 50,000 b/d to 2.45-mil b/d, its highest monthly level recorded by Platts. UAE production edged back up by 30,000 b/d to average 2.43-mil b/d over the month.

Saudi Arabia produced an average 9.5-mil b/d, slightly down on the 9.55- mil b/d estimate for May. Venezuela, its upstream sector having failed to recover from an oil workers' strike in the winter of 2002-2003, saw its production ease back by 10,000 b/d to 2.64-mil b/d.

At 28.25-mil b/d, OPEC-10 production in June was already 250,000 b/d above the new 28-mil b/d ceiling which came into effect at the beginning of July.

 Country-by-country breakdown of production with figures in millions of b/d:

    Country     June 05   May 05  Apr 05   Mar 05   Feb 05  Quota   July 1

    Algeria     1.330     1.310   1.300    1.300    1.290   0.878   0.894
    Indonesia   0.950     0.950   0.950    0.950    0.960   1.425   1.451
    Iran        3.990     3.980   3.950    3.980    3.930   4.037   4.110
    Iraq        1.850     1.820   1.860    1.850    1.850   N/A     N/A
    Kuwait      2.550     2.550   2.500    2.450    2.430   2.207   2.247
    Libya       1.630     1.630   1.620    1.620    1.610   1.473   1.500
    Nigeria     2.450     2.400   2.370    2.350    2.350   2.265   2.306
    Qatar       0.780     0.780   0.780    0.780    0.780   0.713   0.726
    Saudi       9.500     9.550   9.500    9.400    9.250   8.937   9.099
    UAE         2.430     2.400   2.450    2.450    2.450   2.400   2.444
    Venezuela   2.640     2.650   2.680    2.700    2.680   3.165   3.223
    Total       30.100    30.020  29.960   29.830   29.580  N/A     N/A
    OPEC 10
    (excluding  28.250    28.200  28.100   27.980   27.730  27.500  28.000

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