OPEC Comes Cleaner on How Much Oil its Members Pump
LONDON, March 16 (Reuters) - OPEC members' own versions of their oil output were for years greeted with such scepticism that the group resorted to publishing what others thought they were producing.
That gave rise to a mini-industry of OPEC watchers, tapping secretive sources to track every barrel. Output was hotly contested when the group squabbled over member quotas, which have since been abandoned.
But on Monday, OPEC issued a set of production figures as reported to its Vienna Secretariat by member-countries, without any countries missing from the total for the first time in months. {OPEC/M]
These also showed the difference between OPEC output based on member-countries' own submissions, and that provided by OPEC's list of secondary sources, which include consultants and industry media, to be narrowing.
"I can see some countries trying to address these problems and publish better data," said an oil market expert working for a European government. "But there are a few countries that I doubt have made much progress."
As OPEC accounts for the bulk of the world's oil exports, its production level is vital information for traders, consumers and governments. The trouble is that finding that number is no easy task due to a dearth of timely official information.
Due to that challenge, the Organization of the Petroleum Exporting Countries since 2012 in its monthly report has published two sets of numbers - one from member-countries themselves, and one from the secondary sources.
The two often show wide differences. But the gap between their OPEC output total has now narrowed to about 230,000 barrels per day (bpd) in the February 2015 estimates published on Monday, from almost 1 million bpd in the first data set given in 2012.
The change could reflect efforts by OPEC and other government agencies to improve the transparency of oil markets through programmes such as the Joint Organisations Data Initiative (JODI), and comes at a time when OPEC is defending market share from rival suppliers.
There is little disagreement over the output rate of top producer Saudi Arabia, which told OPEC it pumped 9.64 million bpd in February while the secondary sources estimated 9.68 million bpd.
"We are at a serious moment with OPEC defending market share," said the oil market expert. "It makes sense to be transparent."
The figures still show some long-standing output claims by OPEC members to be pumping at different levels than estimated by the secondary sources.
For example, Venezuela told OPEC it pumped 2.74 million bpd in February, while the secondary sources estimated production at 2.34 million bpd.
And large differences persist. The secondary sources put Iraq's February production 540,000 bpd higher than Iraq itself.
(Editing by William Hardy)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- USA Commercial Crude Oil Inventories Increase
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call