Crude oil production in OPEC's 12 member nations declined to an average 28.84 million barrels per day (b/d) in April, from 29.17 million in March, according to survey results announced Monday by industry information provider Platts.
Member-nations of the Organization of the Petroleum Exporting Countries (OPEC) should re-evaluate their current charts and slash output production to help acclimatize itself to the pending return of Libyan crude to the global markets as well as a potential increase in oil production from Iraq. Oil production from OPEC's 12 members in November reached a total of 30.785 million barrels per day (bpd), its highest level in three years, according to the Middle East Economic Survey magazine. Saudi Arabia pumped the most from 9.5 million bpd in October to a high 9.9 million bpd in November.
Excluding Iraq, which does not participate in OPEC production agreements, the average output among the 11 nations that abide by quota arrangements came to an average 26.18 million b/d, lower from the preceding month's 26.52 million, according to the Platts data.
The latest estimates indicate the OPEC-11 "overproducing" its official target of 24.845 million b/d by 1.385 million b/d, Platts said.
"There had been a suggestion earlier this month that OPEC kingpin Saudi Arabia might want to see OPEC raise its official output target at the upcoming June 8 meeting to a level closer to actual production. Subsequent soundings would appear to rule out such a move, however," the Platts report added.
Libya registered the steepest decline, with its March output of 460,000 b/d shrinking in April to just 200,000 b/d because of the political conflict in the country.
Saudi Arabia, the largest producer, had earlier announced a production cutback of some 700,000 b/d to around 8.29 million b/d in March in response to a perceived market oversupply.
Industry sources surveyed by Platts, however, said the figure might not have been intended as an average for the month, noting that the kingdom had submitted a figure of 8.655 million b/d to the International Energy Forum's Joint Oil Data Initiative for March.
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