Report on Venezuelan output

Apr 09, 2004 02:00 AM

Venezuela underproduced in March its quota by 164,000 bpd, to produce only 2,540 mm bpd a Platts survey of OPEC and oil industry officials showed.
While the latest EIA estimate of OPEC March crude oil output for Venezuela’s production was 2,450 mm bpd the same as in February. The Platts survey showed said that OPEC produced a total 28.4 mm bpd of crude in March, up 470,000 bpd from February's 27.93 mm bpd.

EIA estimates that based on March output, OPEC has 2.1 mm to 2.6 mm bpd of surplus capacity, consisting of 100,000 bpd in Qatar; 300,000 bpd in the UAE and 1.7 mm to 2.2 mm bpd in Saudi Arabia. Spare capacity is defined as the volume of oil that can be brought on line within 30 days and sustained for at least 90 days.
EIA said Saudi capacity is expressed as a range "because a short delay may be needed to achieve the higher level." EIA said.

Ministers’ decision at their Feb. 10 meeting in Algiers was to slash more than 1.5 mm bpd of overproduction over the following month and a half before the planned Apr. 1 implementation of a 1 mm bpd cut in quotas.
But the Platts survey showed overproduction at 1.56 mm bpd in March, which means OPEC will need to reduce output by more than 2.5 mm bpd to meet its new 23.5 mm bpd ceiling which came into effect at the beginning of April. Only Venezuela and Indonesia underproduced their March quota.

OPEC country-by-country breakdown of production with figures in millions of bpd

Country -- 2004 Apr. quota -- Mar. 04 production -- Platts-EIA Quota Nov. 03
Saudi Arabia -- 7.638 -- 8.420-8,300 -- 7.963
Iran -- 3.450 -- 3.900-3,900 -- 3.597
Venezuela -- 2.704 -- 2.540-2,450 -- 2.819
UAE -- 2.051 -- 2.240-2,200 -- 2.819
Nigeria -- 1.936 -- 2.400-2,350 -- 2.018
Kuwait -- 1.886 -- 2.220-2,300 -- 1.966
Libya -- 1.258 -- 1.460- 1,450 -- 1.312
Indonesia -- 1.218 -- 0.980-0.970 -- 1.270
Algeria -- 0.750 -- 1.150-1,200 -- 0.782
Qatar -- 0.609 -- 0.750-0.750 -- 0.635
Total (10) -- 23.500 -- 26.060-25,870 -- 24.500

Iraq -- N/A -- 2.340-2,200 -- N/A*
Total (11) -- 27.520 -- 27.510-27.280 -- 26.600
*Iraq: No quota allocation

OPEC output as reported here measures what is called "supply to markets."
Supply is defined by OPEC as wellhead production plus/minus movements out of/into storage.

Source: Platts/EIA/OPEC
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« October 2019 »
October
MoTuWeThFrSaSu
1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31

Register to announce Your Event

View All Events