OPEC´s Purnomo : OPEC allowing over quota oil production, March OPEC ten average 25.945-mil b/d
Reuters
OPEC´s president Purnomo Yusgiantoro
By Elio Ohep of Petroleumworld
CARACAS
Petroleumworld.com 04 20 04
OPEC president Purnomo Yusgiantoro said Monday in Jakarta that the OPEC organization is allowing its members to overproduce their 23.5-mil b/d crude production ceiling because oil prices remain high, according to a report from news agencies.
"We allow the leakage [in order] to stabilize the currently high oil price," Purnomo, who is also Indonesian oil minister, said after a meeting with Indonesian president Megawati Sukarnoputri, reported Platts.
"We hope it can drive the oil price into our price band [of] $ 22-28/bbl." Purnomo added, quoted Platts.
OPEC's new 23.5-mil b/d ceiling, came into effect at the beginning of April.
OPEC said Friday in its Monthly Oil Market Report its ten members with quotas pumped an average 25.945-mil b/d in March, close to 2.5-mil b/d more than the 23.5-mil b/d ceeling o at the present and 1.5 more that ceiling which prevailed at the time.
Also, the OPEC´s Monthly Oil Market Report said its eleven members, including Iraq, pumped an average 28.301-mil b/d of crude in March.
OPEC, which uses media "secondary sources" to monitor its own output, also revised the estimated of its February production downwards by more than 200,000 b/d, from 28.14-mil b/d to 27.931-mil b/d.
OPEC Output Survey
Mar Feb-a
Saudi Arabia 8.318 8.443
Iran 3.888 3.867
Venezuela 2.537 2.522
UAE 2.233 2.253
Nigeria 2.358 2.328
Kuwait 2.230 2.235
Libya 1.470 1.466
Indonesia 0.975 0.984
Algeria 1.183 1.167
Qatar 0.755 0.756
TOTAL(10) 25.945 26.020
Iraq 2.356 1.911
TOTAL(11) 28.301 27.931
-a. Prior month's figures are revised.
Source: OPECNA
By Elio Ohep of Petroleumworld,
eohep@petroleumworld.com, 58 412 992 3730
Petroleumworld News, April 19, 2004