Excluding Iraq, OPEC Output Jumps Almost 100,000 b/d in June, According to Platts Survey.Business Editors OPEC's eleven members, including Iraq, pumped an average 24.84-mil b/d in June, down 80,000 b/d from May's 24.92-mil b/d, a Platts survey of OPEC OPEC: see Organization of Petroleum Exporting Countries. OPEC in full Organization of the Petroleum Exporting Countries Multinational organization established in 1960 to coordinate the petroleum production and export policies of its and oil industry officials showed July 10. But the survey showed that, excluding Iraq, the ten members bound by output quotas under a 21.7-mil b/d ceiling boosted their combined output by 90,000 b/d to 23.22-mil b/d in June from 23.13-mil b/d in May. Platts is the energy information, research, consulting and marketing services business of The McGraw-Hill Companies (NYSE NYSE See: New York Stock Exchange : MHP MHP Multimedia Home Platform (consumer electronics) MHP Milliyetci Hareket Partisi (Turkish: National People's Party) MHP Mobile Home Park (district) MHP Maximum Human Performance ). These ten members have failed to meet their 21.7-mil b/d ceiling since it came into effect at the beginning of January this year. Apart from the OPEC 10's initial effort to slash its production by 1.26-mil b/d of combined crude output between December 2001 and January 2002, followed by further slight drops of 60,000 b/d between January and February and 30,000 b/d between March and April, production has increased. The June total for the OPEC 10 leaves them 1.52-mil b/d in excess of their ceiling. The net 80,000 b/d drop in total OPEC output in June was attributable to lower volumes from Iraq, whose production slipped to 1.62-mil b/d from 1.79-mil b/d in May. Baghdad has complained that the UN's retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a pricing system Noun 1. pricing system - a system for setting prices on goods or services system - a procedure or process for obtaining an objective; "they had to devise a system that did not depend on cooperation" is deterring buyers because they do not know what their costs will be when they lift the oil. "The drop in Iraqi exports is yet one more sign of the never-ending standoff stand·off n. 1. A tie or draw, as in a contest. 2. A situation in which one force neutralizes or counterbalances the other. 3. A standoff insulator. adj. Standoffish. between Iraq and the UN," commented John Kingston, Platts' global director of oil. "Iraq does not like the way the UN administers the pricing of Iraqi barrels under the oil for food deal. The UN does not like the fact that Iraq asks for a surcharge An overcharge or additional cost. A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. from its buyers outside the UN plan. As long as this continues, the monthly numbers for Iraq will be highly volatile." Nigeria saw a small, 30,000 b/d month-on-month fall in volumes. Venezuelan production, having been boosted under government orders by 200,000 b/d to 2.68-mil b/d in May, eased slightly to 2.67-mil b/d. This leaves Caracas more than 170,000 b/d in excess of its 2.497-mil b/d quota quota In international trade, a government-imposed limit on the quantity of goods and services that may be exported or imported over a specified period of time. Quotas are more effective than tariffs in restricting trade, since they limit the availability of goods rather . Five countries increased output by a combined 130,000 b/d, with individual increases ranging from 10,000 b/d in the case of Kuwait and Libya to 60,000 b/d in the case of Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. . No member country
produced within quota, although Indonesia was just a shade above its
allocation.
Country-by-country breakdown of production with figures in millions of b/d ---------------------------------------------------------------------- Country June 02 May 02 April 02 March 02 Feb. 02 Quota ---------------------------------------------------------------------- Algeria 0.850 0.830 0.810 0.800 0.790 0.693 ---------------------------------------------------------------------- Indonesia 1.130 1.130 1.140 1.140 1.150 1.125 ---------------------------------------------------------------------- Iran 3.400 3.370 3.340 3.380 3.330 3.186 ---------------------------------------------------------------------- Iraq 1.620 1.790 1.210 2.510 2.500 N/A ---------------------------------------------------------------------- Kuwait 1.890 1.880 1.870 1.850 1.840 1.741 ---------------------------------------------------------------------- Libya 1.320 1.310 1.300 1.290 1.280 1.162 ---------------------------------------------------------------------- Nigeria 1.870 1.900 1.950 1.970 1.960 1.787 ---------------------------------------------------------------------- Qatar 0.640 0.640 0.620 0.600 0.590 0.562 ---------------------------------------------------------------------- Saudi Arabia 7.490 7.430 7.430 7.370 7.240 7.053 ---------------------------------------------------------------------- UAE 1.960 1.960 1.970 1.960 1.950 1.894 ---------------------------------------------------------------------- Venezuela 2.670 2.680 2.480 2.580 2.560 2.497 ---------------------------------------------------------------------- Total 24.840 24.920 24.120 25.450 25.190 ---------------------------------------------------------------------- OPEC 10 23.220 23.130 22.910 22.940 22.690 21.70 (excluding IRAQ) ---------------------------------------------------------------------- For more information on OPEC, go to the "Platts Guide to OPEC" at www.platts.com/opec/index.shtml Platts is the world's largest and most authoritative provider of energy information and marketing services, with 14 offices worldwide. Products range from real-time and Internet-based news and price assessment services, to newsletters, market reports, databases, geospatial Geospatial is a term widely used to describe the combination of spatial software and analytical methods with terrestrial or geographic datasets. The term is often used in conjunction with geographic information systems and geomatics. tools, magazines, conferences, research and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" and energy financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Platts offerings cover the oil, natural gas, electricity, nuclear power, coal, petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. and metals markets. Every day, more than $10 billion of trading activity and term contract sales are based on Platts' price assessments. Additional information is available at www.platts.com and www.plattsmetals.com. Founded in 1888, The McGraw-Hill Companies is a global information services See Information Systems. provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The Corporation has more than 350 offices in 33 countries. Sales in 2001 were $4.6 billion. Additional information is available at www.mcgraw-hill.com. |
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