Tuesday, August 19, 2014

‘OPEC output dropped, Nigeria’s output increased in July’

CRUDE oil production from the Organisation of Petroleum Exporting Countries (OPEC) dipped by 30,000 barrels per day (bpd) in June to 29.94 million bdp, according to the latest Platts survey of OPEC and oil industry officials and analysts.
Meanwhile, Nigeria’s oil production rose to 1.98 million barrels per day in July, the highest since March this year.
The country’s production stood at 1.87mb/d in March. The survey showed Iraq’s output plunge of 160,000 b/d was largely offset by production increases from several other OPEC member countries.
“Small though it may be, a dip in OPEC output is the last thing the consuming world wants to see,” said John Kingston, Platts Global Director of news.
“OPEC itself sees the call on its crude averaging 30.4 million b/d in the second half of the year, so any drop in production from the organisation – even an involuntary one – could be viewed as a move in the wrong direction.
“The 40,000 b/d boost from Libya in June marks the first increase since the beginning of the year, when output was estimated to have risen to 530,000 b/d in January from 250,000 b/d in December.”
Libyan production declined steadily in recent months, as the stalemate between the authorities in Tripoli and the protesters occupying oil facilities and blockading ports continued.

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