LONDON, April 5, 2012 /PRNewswire/ -- Crude oil
production from the Organization of Petroleum Exporting Countries
(OPEC) averaged 31.39 million barrels per day (b/d) in March, a
Platts survey of OPEC and oil industry officials and analysts
showed Thursday. This marks an increase of 120,000 b/d from an
estimated 31.27 million b/d in February.
A breakdown of the numbers shows production increases totalling
320,000 b/d from Iraq,
Libya and Saudi Arabia were partly offset by decreases
totalling 200,000 b/d from Angola
and Iran.
"Two things really jump out about these numbers," said
John Kingston, Platts global
director of news. "First, it's hard to argue that OPEC isn't doing
its part in keeping world supplies of oil growing, and given
traditional soft second quarter demand, inventories should be
growing. Second, it was just a matter of time before Iranian
supplies would show signs of ebbing as shipping sanctions started
to restrict the ability of the country to send out its normal
exports of crude."
Iranian volumes fell by 100,000 b/d to 3.4 million b/d. A
European Union ban on the import and transport of Iranian oil is
not due to come into force until July
1 but is already having an impact as refiners seek
replacement supplies or, because of insurance issues, face
difficulties in finding ships willing to carry Iranian crude.
The threat of U.S. financial sanctions against countries which
do not significantly reduce their imports of Iranian oil is also
having an impact on Iran's oil
exports.
Meanwhile, Iraqi volumes showed a sizeable increase, as a result
of higher exports from the south, although a new single point
mooring system -- the first of five planned to come into operation
by 2014 -- had to be halted for maintenance after loading just one
tanker.
Libyan output has continued to recover and is now just 250,000
b/d short of pre-uprising levels, the survey estimating the March
average at 1.35 million b/d, up 100,000 b/d from February.
Saudi Arabia increased output
to 9.9 million b/d in March from 9.85 million b/d in February.
Angola, with fewer cargoes
loaded in March, also saw volumes fall by 100,000 b/d, the survey
showed.
The March estimate leaves OPEC exceeding its 30 million b/d
output target by 1.39 million b/d. The target does not include
individual country quotas.
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SOURCE Platts