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2018-09-07 12:53:00

OPEC'S OIL PRODUCTION: 32.89 MBD

OPEC'S OIL PRODUCTION: 32.89 MBD

PLATTS - OPEC's crude oil production in August, not including newest member Congo, rose to a 10-month high, with Iraq surging to record output and Libya recovering from militia fighting, more than offsetting Iran's slide as the sanctions-hit country struggles to keep its customers.

The 15 members of OPEC pumped 32.89 million b/d in the month, the survey found. Taking away Congo, which joined the organization in June, OPEC's August output of 32.57 million b/d is the highest since it produced the same amount in October 2017, as it unwinds supply cuts that have been in place since January 2017.

Pressure from US president Donald Trump to moderate oil prices, plus fears of an overtightening market due to US oil sanctions on Iran that go into effect in November, prompted OPEC and 10 allies to agree June 23 in Vienna to reduce overcompliance with their cuts and increase output by 1 million b/d in the months ahead.

The 12 OPEC members with firm quotas achieved 115% compliance in August. Libya and Nigeria are exempt, while Congo has yet to be given an allocation.

Iranian production has already begun to suffer in advance of the sanctions, falling to 3.60 million b/d in August, the lowest in more than two years, according to the survey. Oil exports from the country plunged 17% from July, as key buyers China and India significantly cut their purchases.

Some 1.4 million b/d of Iranian oil is expected to leave the market by November.

Meanwhile, Iraqi production swelled to 4.68 million b/d in August, up 110,000 b/d from July and the highest recorded in the 30-year history of the Platts OPEC survey, as exports from both the country's southern port of Basra and through the Turkish port of Ceyhan saw increases.

Saudi Arabia, OPEC's biggest producer and the world's largest crude exporter, pumped 10.49 million b/d in August, the survey found. That is far above its quota of 10.06 million b/d under the supply cut agreement, but below the 10.8 million to 11 million b/d that it had signaled it would produce at the June meeting. Kingdom officials have said demand for Saudi crude has yet to require such levels of production just yet, but added that they stand ready to supply the market as needed.

LIBYA RISES, VENEZUELA FALLS

Libya added the most barrels in August within OPEC, as output recovered to 940,000 b/d with the lifting of force majeure in July on loadings from the country's eastern ports, which had been blockaded for about a month by a militia group, as well as the ramping up of production from the Sharara field after the kidnapping of some workers there in mid-July was resolved.

Libyan production in July was 670,000 b/d, the lowest it had been since April 2017.

Nigeria increased its production by 70,000 b/d in August, according to the survey, with loadings up in the month.

Venezuela continued its production decline, as output slumped to 1.22 million b/d in August, a year-on-year plunge of 680,000 b/d, the survey found. The country is in the throes of an economic crisis that has impaired its ability to maintain its oil facilities, pay workers and afford diluent to produce its extra heavy crude from the Orinoco basin. August output was also affected by a tanker collision at the Jose terminal late in the month that led to its shuttering for repairs.

But a settlement reached August 20 with ConocoPhillips over $2 billion owed to it by Venezuelan state oil company PDVSA provides some hope that the country's crude exports could rise in the weeks ahead. ConocoPhillips had been seeking to seize PDVSA's assets in the Caribbean under an international court ruling which had severely impaired the Venezuelan company's ability to export crude.

The Platts OPEC figures were compiled by surveying OPEC and oil industry officials, traders and analysts, as well as reviewing proprietary shipping data.

A six-country monitoring committee overseeing the OPEC/non-OPEC supply accord will meet September 23 in Algiers to assess market fundamentals and potentially make output policy recommendations.

 

 

* Congo has not yet been given an allocation

** Libya and Nigeria were given an unofficial combined 2.80 million b/d cap, near their presumptive maximum sustained production capacities of 1.00 million b/d and 1.80 million b/d, respectively

*** Total allocation does not include Congo

Notes: On June 23, OPEC and 10 non-OPEC producers agreed to boost output by a combined 1 million b/d by reducing overcompliance with production cuts but left unsettled how that will be apportioned.

The estimate for Iraq includes volumes from semi-autonomous Iraqi Kurdistan.

The Republic of Congo joined OPEC in June 2018, becoming the organization's 15th member.

The next full OPEC meeting is December 3.

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Earlier:

W.Asia
2018, September, 3, 15:20:00

OIL CONFORMITY LEVEL: 109%

OPEC - The JMMC noted that countries participating in the “Declaration of Cooperation” have achieved a conformity level of 109% in July 2018, which shows significant progress towards the goal set at the 4th OPEC and Non-OPEC Ministerial Meeting of 23 June 2018, which followed and endorsed decisions taken at the 174th Meeting of the OPEC Conference convened on 22 June 2018.

W.Asia
2018, August, 10, 10:35:00

IRAN VS OPEC QUOTAS

PLATTS - Saudi Arabia pumped 10.63 million b/d in July, according to the latest S&P Global Platts OPEC survey, far above its quota of 10.06 million b/d, though kingdom officials say their July output was 10.29 million b/d. Russia produced 11.22 million b/d in July, according to official data, basically erasing its 300,000 b/d pledged cut.

W.Asia
2018, July, 12, 10:35:00

OPEC & RUSSIA 1 MBD: INSUFFICIENT

PLATTS - OPEC's recent decision with Russia and other allies to boost crude output by a combined 1 million b/d may be insufficient to meet global demand in the months ahead, according to the producer group's own forecast.

W.Asia
2018, July, 11, 09:25:00

OIL PRICES 2018 - 19: $73 - $69

EIA - Brent crude oil spot prices averaged $74 per barrel (b) in June, a decrease of almost $3/b from the May average. EIA forecasts Brent spot prices will average $73/b in the second half of 2018 and will average $69/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average $6/b lower than Brent prices in the second half of 2018 and $7/b lower in 2019. NYMEX WTI futures and options contract values for October 2018 delivery that traded during the five-day period ending July 5, 2018, suggest a range of $56/b to $87/b encompasses the market expectation for October WTI prices at the 95% confidence level.

W.Asia
2018, July, 6, 11:55:00

КОРРЕКТИРОВКА ДО 100%

МИНЭНЕРГО РОССИИ - В ходе телефонного разговора Министр энергетики Российской Федерации Александр Новак и Министр энергетики, промышленности и природных ресурсов Саудовской Аравии Халид аль-Фалих обсудили последние тенденции на мировом рынке нефти. 

 

 W.Asia
2018, June, 22, 13:25:00

RUSSIA - SAUDIS SUPER OPEC

BLOOMBERG - Russian Oil Minister Alexander Novak said in a speech yesterday that “we need to build upon our successful cooperation model and institutionalize its success through a broader and more permanent strategically focused framework.” His Saudi counterpart Khalid Al-Falih echoed those comments.

 W.Asia
2018, June, 15, 10:45:00

U.S. - OPEC TIES

REUTERS - OPEC and U.S. representatives have met at least twice this year, with a third high-profile meeting set for Vienna next week. Finding the optimal balance of crude supply and demand will be the hot topic.

 

 

 

Tags: OPEC, OIL, PRODUCTION

Chronicle:

OPEC'S OIL PRODUCTION: 32.89 MBD
2018, December, 14, 08:55:00

GERMANY'S RENEWABLE: 38%

PLATTS - Renewables' share in Germany's power mix is set to reach 38% this year, ahead of the government's 2020 target of 35% but below-trajectory for 2030's 65% target, utility lobby group BDEW said Thursday.

OPEC'S OIL PRODUCTION: 32.89 MBD
2018, December, 14, 08:50:00

EBRD DECARBONISATION STRATEGY

EBRD - the Bank will no longer finance thermal coal mining or coal-fired electricity generation. The Bank will also stop funding any upstream oil exploration, and will not finance upstream oil development projects except in rare and exceptional circumstances, where such investments reduce greenhouse gas emissions.

OPEC'S OIL PRODUCTION: 32.89 MBD
2018, December, 14, 08:45:00

MALAYSIA'S GDP UP BY 4.7%

IMF - The Malaysian economy has shown resilience. Real GDP growth is projected at 4.7 percent for 2018, underpinned by domestic demand.

OPEC'S OIL PRODUCTION: 32.89 MBD
2018, December, 14, 08:40:00

BOLIVIA'S GDP UP BY 4.5%

IMF - Bolivia's real GDP growth is projected at 4.5 percent in 2018, one of the highest rates in the region. Growth is supported by continued accommodative policies, a second economy-wide wage bonus, and strong agriculture output.

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