OPEC Output Down 1.42 Million Barrels Per Day in April, According to Platts; Drop Due Mainly to Halted Iraqi Production.Energy Editors/Business Editors LONDON--(BUSINESS WIRE)--May 12, 2003 OPEC's eleven members pumped an overall 26.36-mil b/d in April, down 1.42-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 Friday. Platts is the energy information 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 ). The output drop was due mainly to Iraqi production being halted by war for most of the month. The survey estimated Iraqi production, which resumed towards the end of May, at an average 50,000 b/d. Excluding Iraq, output from the ten members with quotas fell to 26.31-mil b/d in April from 26.34-mil b/d in March. Among the OPEC ten, output cutbacks totalling 440,000 b/d were almost completely offset by 410,000 b/d in increases. Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. accounted for the biggest single cut -- 260,000 b/d,
reining Reining is a western riding competition for horses where the riders guide the horses through a precise pattern of circles, spins, and stops. All work is done at the lope (known more commonly worldwide as the canter) and gallop; the fastest of the horse gaits. in production from 9.46-mil b/d in March to 9.2-mil b/d in
April. Other smaller cuts came from Indonesia (10,000 b/d), Iran (80,000
b/d), Nigeria (80,000 b/d) and the UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. (80,000 b/d). Venezuela accounted
for the biggest single increase -- 390,000 b/d, with smaller increases
from Algeria and Libya (10,000 b/d each).The survey showed that the OPEC ten exceeded their current 24.5-mil b/d production ceiling by 1.81-mil b/d. "For all intents and purposes Adv. 1. for all intents and purposes - in every practical sense; "to all intents and purposes the case is closed"; "the rest are for all practical purposes useless" for all practical purposes, to all intents and purposes the current ceiling became redundant when OPEC announced at its April 24 meeting its new higher ceiling of 25.4-mil b/d," said John Kingston, global director of oil at Platts. "The new ceiling, even though it doesn't come into effect until June, has become the new target for OPEC." To meet the new ceiling, the OPEC ten will have to shave shave (shav) 1. to cut at or parallel to the surface of the skin. 2. to remove the beard or other body hair by such a process. 3. to cut thin slices from or to cut into thin slices. output by 910,000 b/d. Saudi Arabia alone will have to slash its production by nearly 1-mil b/d to meet its June 1 quota of 8.256-mil b/d. But not all countries are capable of meeting their new June quotas. Indonesia, whose output is declining, will not be able to pump anywhere near the new 1.317-mil b/d quota it has been allocated under a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. distribution. It pumped just over 1-mil b/d in April. Venezuelan production has recovered strongly after a crippling crip·ple n. 1. A person or animal that is partially disabled or unable to use a limb or limbs: cannot race a horse that is a cripple. 2. A damaged or defective object or device. tr.v. oil strike, but the 2.67-mil b/d it is estimated to have produced in April falls well short of state oil company Petroleos de Venezuela's claims that output has risen beyond 3-mil b/d. Its quota rises from 2.819-mil b/d currently to 2.923-mil b/d in June. Country-by-country breakdown of production with figures in millions of b/d:
Country Apr 03 Mar 03 Feb 03 Jan 03 Feb 03 June 03
Quota Quota
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Algeria 1.120 1.110 1.050 1.020 0.782 0.811
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Indonesia 1.030 1.040 1.080 1.080 1.270 1.317
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Iran 3.680 3.760 3.690 3.620 3.597 3.729
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Iraq 0.050 1.440 2.510 2.500 N/A N/A
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Kuwait 2.300 2.300 2.000 2.000 1.966 2.038
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Libya 1.420 1.410 1.400 1.390 1.312 1.360
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Nigeria 1.850 1.930 2.180 2.150 2.018 2.092
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Qatar 0.760 0.760 0.750 0.730 0.635 0.658
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Saudi Arabia 9.200 9.460 8.740 8.470 7.963 8.256
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UAE 2.280 2.290 2.140 2.100 2.138 2.217
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Venezuela 2.670 2.280 1.490 0.650 2.819 2.923
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Total 26.360 27.780 27.030 25.710 N/A N/A
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OPEC 10
(excluding IRAQ) 26.310 26.340 24.520 23.210 24.500 25.400
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For more information on OPEC, go to the "Platts Guide to OPEC" at www.platts.com/opec/index.shtml. Platts is the global leader in providing energy information and marketing services. For more than 75 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time energy industry has looked to Platts as the most reliable source of independent industry news and price benchmarks. From 14 offices worldwide, Platts covers the oil, natural gas, electricity, nuclear power, coal, petrochemical and metals markets. Additional information on Platts real-time news and price assessment services, publications, databases, geo-spatial tools, 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" , conferences, magazines, 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. 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 320 offices in 34 countries. Sales in 2002 were $4.8 billion. Additional information is available at www.mcgraw-hill.com. |
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