Welcome!

News Feed Item

Platts Survey: OPEC Pumps 29.56 Million Barrels of Crude Oil Per Day in March

Down 550,000 Barrels Per Day from February on Saudi, Iraqi and Libyan Cuts

LONDON, April 10, 2014 /PRNewswire/ -- Platts – Oil production from the Organization of the Petroleum Exporting Countries (OPEC) plunged 550,000 b/d from February to 29.56 million b/d in March -- its lowest level since mid-2011 -- according to the latest Platts survey of OPEC and oil industry officials and analysts. The decline followed February production of 30.11 million b/d and was mainly attributable to insurgent attacks which shut a key export pipeline in Iraq, and a renewed downward swing in Libyan production.

Saudi Arabia also reduced output because of lower refining demand due to maintenance. The survey showed Saudi output at 9.6 million b/d, down from 9.7 million b/d in February and the lowest level since June last year, when the kingdom's output was estimated at 9.65 million b/d.

Together, Saudi Arabia, Iraq and Libya accounted for 440,000 b/d of the overall drop.

"The Iraqi reduction is viewed as particularly unsettling," said John Kingston, Platts global director of news. "It comes just a month after a huge jump in output that followed improvements to the country's exporting capabilities in the south. Given that the often-troubled northern pipeline continues to get hit by difficulties, I suspect the Iraqi monthly number will continue to be volatile."

Iraqi output fell by 200,000 b/d to 3.15 million b/d. The Iraq-Turkey pipeline, which carries Kirkuk crude from Iraq's northern fields to Turkish Mediterranean port Ceyhan, remained out of action more than a month after the early March attacks on the line that forced some northern production to be curtailed.

Iraqi oil minister Abdul Karim Luaibi said Wednesday that the pipeline could become operational in about a week.

Average Libyan production in March slumped to 220,000 b/d from 360,000 b/d in February.

In early 2013, output had recovered to around 1.4 million b/d from virtually zero in 2011 during the uprising against Moammar Qadhafi, but production has since then been a fraction of that level for the better part of a year amid continuing political unrest. Libya's oil sector has been under siege since May 2013, with production and exports disrupted intermittently by strikes, protests and port blockades.

Last weekend saw the government and rebels strike a deal to reopen the Zueitina and Marsa al-Hariga oil ports, which have a combined export capacity of 180,000 b/d. Loadings have yet to resume. Other important ports, Ras Lanuf and Es Sider, remain closed. The Elephant and Sharara fields also remained shut in.

Early Wednesday, OPEC secretary general and former Libyan oil minister Abdalla el-Badri said Libya could quickly restore output to around 1 million b/d. But he said pre-uprising levels would be more difficult to achieve because repeatedly shutting in wells in the country's major onshore oil fields might have damaged production facilities. Libya had been pumping approximately 1.6 million b/d before the uprising.

The country's poor security situation could also hamper efforts to bring production back on stream, Badri said.

Smaller production reductions came from Algeria, Angola, Kuwait, Nigeria and the United Arab Emirates (UAE), while Iran boosted output by 30,000 b/d to 2.85 million b/d.

The last time OPEC production was this low was in June 2011, when the Platts survey showed output at 29.57 million b/d. Output subsequently climbed, holding above 30 million b/d until September last year.

The group's current 30 million b/d crude output ceiling has been in place since January 2012. Ministers agreed in December to extend the ceiling through the first half of 2014 and to review the policy again on June 11. No individual country quotas were established.

For output numbers by country, click here. You may be prompted for a cost-free, one-time-only log-in registration. For the latest OPEC news features, visit this OPEC Features link and for an OPEC guide, access this link (http://www.platts.com/news-feature/2014/oil/opec-guide/prod_table

Additional information on oil, energy and related information may be found on the Platts website at www.platts.com

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets.  Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency.  Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial (NYSE: MHFI), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.

About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI), a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power and McGraw Hill Construction. The Company has approximately 17,000 employees in 29 countries. Additional information is available at www.mhfi.com.

CONTACT
Kathleen Tanzy
212-904-2860
[email protected]

SOURCE Platts

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...