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Page added on September 11, 2012
OPEC Oil Production Rises as Angola and Nigeria Pump More
The Organization of Petroleum Exporting Countries boosted crude production last month as Angola, Nigeria and Libya pumped more, the group said.
Output from OPEC, which supplies 40 percent of the world’s oil, climbed to 31.41 million barrels a day in August versus 31.16 million the previous month, OPEC’s Vienna-based secretariat said in its Monthly Oil Market Report today. The production level remains above a 30 million barrel target that the group set at a meeting in December.
Increased production coincided with a 9.2 percent advance in Brent crude on the ICE Futures Europe exchange during August. The benchmark oil grade rose 0.2 percent to $115.06 a barrel in London trading today.
Angola’s output rose about 12 percent last month to 1.85 million barrels a day, while Nigeria climbed to 2.18 million, according to the OPEC survey, which cites secondary sources for its information. Angola’s loading program for July was partly reduced by an incident at the Girassol field that caused Total SA to delay some shipments.
Saudi Arabia, the world’s largest crude exporter, pumped 9.86 million barrels in August versus 9.85 million in July, OPEC said, citing secondary sources. The kingdom also provided data to OPEC, which showed production at 9.75 million.
Iraq retained its position as the group’s second-largest producer, supplying 3.11 million barrels a day, outpacing Iran for a third month.
Iran Output Falls
Iran’s crude output dropped 13,000 barrels a day to 2.77 million barrels a day last month, according to OPEC’s survey of secondary sources. Iran said in its direct communication with OPEC that it produced 3.75 million in August, which was little changed from the previous month. Iran had by far the largest divergence between direct communication and secondary source production estimates among OPEC members, showing analysts lack confidence in the country’s official data.
A European Union ban on imports of Iranian oil came into full effect in July.
OPEC’s 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
3 Comments on "OPEC Oil Production Rises as Angola and Nigeria Pump More"
SOS on Tue, 11th Sep 2012 10:22 pm
OPEC will always have the oil. How many years are people going to predict the end of oil? Its laughable. Reports like this bring us the truth. Opec oil will always be pumped in a quantity just large enough to satisfy demand.
BillT on Wed, 12th Sep 2012 11:16 am
SOS is dreaming…again. OPEC’s oil is not all recoverable at any price. EROEI does NOT care about price. Even a billion dollars per barrel will not get oil out of the ground if it takes a barrel or more oil of equivalent energy
to get it.
SOS on Wed, 12th Sep 2012 12:20 pm
EROEI is not a useful equation. It is subjective and leads people to conclusions that deviate from reality. Its an alarists tool.
If oil is in such a limited supply why is there more and more of it every day. Why is there always enough around no matter how much we need?
The biggest single factor for oil supplies and price is politics. If you dont have enough and its too expensive means you have the wrong politics.