LONDON (Dow Jones Newswires), Mar. 27, 2009
OPEC is expected to produce about 1 million barrels a day above its total quota in March, according to preliminary numbers disclosed by tracker Petrologistics Friday.
The overproduction - which is about 200,000 barrels a day higher than announced by members - shows the Organization of Petroleum Exporting Countries still has a long way to go before it reaches a target of 95% compliance in May.
Petrologistics head Conrad Gerber said the numbers - which reflect loading programs as of Thursday - show an average of 25.9 million barrels a day, compared with a revised 25.93 million barrels a day in February. They don't include Iraq, which doesn't have a quota.
Gerber said Iran is expected to produce 3.75 million barrels a day, higher than its 3.336 barrels a day quota. Angola is seen producing 1.77 million barrels a day, compared with a quota of 1.517 million barrels a day, he said.
He said Nigeria's output is forecasted at 1.78 million barrels a day, compared with a 1.673 million barrels a day quota. Venezuela is seen producing 2.28 million barrels a day, compared with a quota of 1.986 million barrels a day, with exports to the U.S. increasing.
Copyright (c) 2009 Dow Jones & Company, Inc.
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