This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Platts Survey: OPEC Pumps 29.91 Million Barrels Of Crude Oil Per Day In September

LONDON, Oct. 10, 2013 /PRNewswire/ -- Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) fell below 30 million barrels per day (b/d) for the first time in more than two years in September, as maintenance work at Iraq's southern facilities slashed the country's exports and Libyan production was further reduced by ongoing strikes and protests, a just-released Platts survey of OPEC and oil industry officials and analysts showed.

The oil producer group's 12 members pumped an average 29.91 million b/d in September, down 370,000 from estimated output of 30.28 million b/d in August, the survey found.

OPEC output was last below 30 million b/d in mid-2011, when the Platts survey estimated June volumes at 29.57 million b/d.

"Several OPEC officials have said recently that they're generally happy with the balance in the market," said John Kingston, Platts global director of news. "But if we presume that Iraqi oil will flow back to the market after the maintenance work, and if Libya can get a grasp on its security issues, this is a world oil market that could at some point be burdened with excess supply. If this happens, Saudi Arabia presumably will be ready to rein in production to balance the market."

Overall production in Iraq plummeted by 350,000 b/d month on month, to 2.8 million b/d in September from 3.15 million b/d in August, as maintenance work got under way on key oil export infrastructure in the Persian Gulf.

In Libya, continuing protests and strikes at key oil facilities reduced output by a further 180,000 b/d to an average 380,000 b/d. Output began to recover in the second half of the month, however, as production restarted at the Elephant and El Sharara fields in the west of the country after the government reached an agreement with the protesters.

Libyan oil minister Abdel Bari el-Arousi said on October 2 during a visit to London that production had recovered to almost 700,000 b/d and that the issue now was to end the protests at key ports in the east.

The 530,000 b/d combined drop in Iraqi and Libyan output was partly offset by small increases totaling 160,000 b/d from Algeria, Angola, Ecuador, Iran, Nigeria, the United Arab Emirates and Venezuela.

The Platts survey showed output from OPEC kingpin Saudi Arabia, which has boosted output in recent months, unchanged at 10 million b/d.

OPEC, which is scheduled to meet next on December 4 in Vienna, has an official output ceiling of 30 million b/d but no formal individual country quotas. 

For production numbers by country, click  here. You may be prompted for a cost-free one-time-only log-in registration. An OPEC guide may be found at  this link.   

Platts OPEC and oil experts are available for media interviews; please consult  Platts Media Center to schedule an interview. For other  oil, energy and related information, visit  

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,  coalelectricityoil,  natural gasmetalsnuclear powerpetrochemicalshipping 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 .

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 & Associates, McGraw Hill Construction and Aviation Week. The Company has approximately 17,000 employees in 27 countries. Additional information is available at


Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.01 1.05%
FB $99.75 -4.15%
GOOG $682.74 -0.12%
TSLA $147.99 -8.99%
YHOO $27.05 -3.29%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs