OPEC output down a bit

Jul 25, 2006 02:00 AM

OPEC oil output will fall by 200,000 bpd in July because of lower production from top world exporter Saudi Arabia and from Venezuela, consultant Petrologistics said.
Conrad Gerber, head of the Geneva-based consultancy, estimated that the Organisation of the Petroleum Exporting Countries is pumping 29.9 mm bpd in July, down from a revised 30.1 mm bpd in June.

The estimate suggests supply from Saudi Arabia has yet to rebound after the kingdom cut output in April as refinery maintenance and rising inventories curbed demand. Most OPEC members were pumping near full tilt earlier this year to cool prices.
According to Petrologistics, Saudi output is set to fall from 9.15 mm bpd in June. Venezuelan output is forecast to slip about 250,000 bpd to 2.3 mm bpd in July because of maintenance at synthetic crude plants, Gerber said.

But an increase from Iraq and higher-than-expected supply in Iran are offsetting lower Saudi and Venezuelan output, according to Petrologistics. Iran, OPEC's second-largest producer, is expected to pump 4 mm bpd in July, about the same as in June, as it shifts unsold barrels of mainly heavy crude.
In an estimate in June, Gerber put Iranian output during June at 3.8 mm bpd. The estimate indicates output by the 10 OPEC members bound by formal supply limits, all except Iraq, remained below their 28 mm bpd target.

Source: archive.gulfnews.com
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