Aug. 8, 2013
– Crude oil output from the Organization of the Petroleum Exporting Countries (OPEC) fell 110,000 barrels per day (b/d) to 30.34 million b/d in July from 30.45 million b/d in June, a Platts survey of OPEC and oil industry officials and analysts showed Thursday.
"When the consuming world wonders why oil prices remain relatively high, the Libyan production drop-off cited in our report is a reason," said
, Platts global director of oil, "as well as the declines seen from
, and in particular, the decline in
, though it rose slightly this month."
The key production increases are coming from:
the United States
, and swing producer
"Ultimately, it's a lot of heavy lifting for those three countries, given the shortfalls in so many other locations," Kingston noted.
A 130,000 b/d increase from OPEC kingpin
failed to offset the 200,000 b/d month-over-month crude output drop in
, where production and exports have been affected by strikes about pay and conditions as well as protesters demanding oil sector employment. Libyan crude output was estimated at an average 1 million b/d in July.
main oil export terminals at Es Sider, Ras Lanuf and Zueitina remained closed this week. Prime Minister
said last week that crude exports had dropped by more than 70% to just 330,000 b/d. Nuri Berruien, head of the National Oil Corporation, told Platts in early August that output had dropped to around 820,000 b/d.
Output increases, albeit small, were seen in
last month, where the Trans-Niger pipeline briefly came back on stream before being shut down again after a new leak.
Output from sanctions-strapped
dipped by 20,000 b/d to 2.66 million b/d. Iraqi production fell for the third consecutive month, to 2.98 million b/d in July from 3 million b/d in June, 3.1 million b/d in May and 3.15 million b/d in April. Angolan production fell by 30,000 b/d to 1.75 million b/d.
OPEC exceeded its overall production ceiling of 30 million b/d by 340,000 b/d in July. The group agreed at its
meeting in June to maintain the ceiling established in
but which does not include individual country quotas.
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