OPEC Under Pressure After BP Woes

Scotsman.com – THE world can cope for now with the loss of about 1 million barrels per day of oil from Alaska and Nigeria, but the pressure is on exporter group OPEC to fill the gap, the International Energy Agency said yesterday.

The IEA bumped up the estimate of demand for oil from the Organisation of the Petroleum Exporting Countries by 600,000 barrels per day in the third quarter and 200,000bpd in the fourth, in its monthly Oil Market Report.

But OPEC, which pumps a third of the world’s oil, is already meeting the extra requirement, the Paris-based agency said. It pegged July OPEC output at 29.8 million bpd, well above the revised third quarter call of 29.1 million.
Scotsman.com