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 29.97 Million Barrels Of Crude Oil Per Day In May

LONDON, June 11, 2014 /PRNewswire/ --  Platts – Oil production from the Organization of the Petroleum Exporting Countries (OPEC) climbed for the third consecutive month in May to total 29.97 million barrels per day (b/d), according to the latest Platts survey of OPEC and oil industry officials and analysts. That is up 250,000 b/d from the April level of 29.72 million b/d.

"The call on OPEC crude, according to the International Energy Agency, is 30.7 million b/d for the third and fourth quarters of 2014," said John Kingston, Platts global director of news. "That means OPEC needs to add about 1 million b/d of output from what we estimate the group produced in May. This is a tall task, given how many countries in OPEC are under all sorts of politically-linked limitations on increasing output. The Saudis may be called upon to open their taps wider than they normally prefer."

OPEC's top producer, Saudi Arabia, boosted output last month by 100,000 b/d to 9.75 million b/d, the kingdom's highest volume since January's estimated 9.76 million b/d, the survey showed. Saudi production tends to rise in the summer months when the volume of crude burned directly in power plants increases. Production in 2013 averaged 10 million b/d in August and September.

Other smaller output increases in May came from Angola, Ecuador, Iraq, Nigeria and the United Arab Emirates.

The only production decrease in May came from Libya, where the ongoing political chaos and civil strife is keeping crude production at a fraction of pre-2011 uprising levels of close to 1.6 million b/d.

According to survey respondents, Libyan production in May dipped 10,000 b/d from April to 200,000 b/d. This was the lowest monthly average since protesters began disrupting key oil infrastructure, shutting in fields and blockading export terminals in a bid to win improved rights and greater political influence in post-Qadhafi Libya. In May 2013, Libya was pumping 1.4 million b/d.

The May production totals put OPEC output within a few barrels of the group's 30 million b/d crude production target that has been in force since January 2012. Ministers, including Ali Naimi of Saudi Arabia and Bijan Zanganeh of Iran, have said they see no need for OPEC to change current output policy at the upcoming meeting on Wednesday.

The group's economic experts expect demand for OPEC crude to average more than 30 million b/d during the second half of this year.

1 of 2

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 $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs