EIA: OPEC 1Q Output 32.2 Million B/D, +600,000 B/D Vs 4Q ‘07

NEW YORK -(Dow Jones)- Crude oil output from the Organization of Petroleum Exporting Countries is expected to average 32.24 million barrels a day in the current quarter and stay near that level throughout 2008, according to the latest U.S. government forecast.

In its latest Short-Term Energy Outlook released Tuesday, the Energy Information Administration said the expected OPEC output level will be about 600,000 barrels a day higher than OPEC’s fourth-quarter 2007 level, put at 31.68 million barrels a day.


The expected higher OPEC output projection comes despite the group’s Feb. 1 decision to keep official oil output levels unchanged. OPEC is to review output policy on March 5.

“The increase mainly reflects higher production from Saudi Arabia, Angola, Kuwait, and the UAE,” according to EIA, the independent statistical and analytical wing of the Department of Energy.

“The pace of consumption growth, inventory trends and oil prices will influence OPEC members’ production strategy for the remainder of 2008,” EIA said. But EIA said it expects OPEC’s output for the remainder of the year to be near the first-quarter level. The group’s crude oil output for 2008 is expected to average 32.42 million barrels a day, up from 30.91 million barrels a day in 2007.

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