Opec output up

www.gulf-daily-news.com Vol XXV   NO. 361      Sunday      16 March 2003

NICOSIA: Crude production from the Opec soared by 8.6 per cent or 2.217 million barrels a day in February to 27.88m bpd, the Middle East Economic Survey (Mees) reported.

With Venezuela resuming output and a significant surge from Gulf states, output by the Opec 10 without Iraq climbed 10.1pc to 25.45m bpd last month from 23.113m bpd in January, the industry newsletter says.

Opec 10 output was 950,000 bpd above the ceiling of 24.5m bpd effective since February 1, Mees notes.

Iraqi production fell 120,000 bpd as exports to Turkey by truck were suspended, Indonesia dropped 60,000 bpd and Nigeria held steady at 2.15m bpd.

The biggest increases were seen in Venezuela which boosted output last month by 880,000 bpd and Saudi Arabia up 800,000 bpd.

Algerian production hit a new all-time high of 1.15m bpd which was expected to rise to 1.25m bpd this month, the Cyprus-based specialists said.

"Saudi Arabia, Kuwait and the UAE were expected to continue ramping up production through March with production set to rise to around 9.4m bpd, 2.4m bpd and 2.3m bpd respectively by the end of this month," Mees says.

World oil prices slipped for the second consecutive day on Friday as traders speculated that a quick, successful US-led war in Iraq would lead to a steep fall in prices.

New York's reference light sweet crude contract for April delivery skidded 63 cents to $35.38 a barrel, after having plunged by $1.82 a day earlier.

The price of benchmark Brent North Sea crude for April delivery fell by $1.05 dollars to $31.38 a barrel. The contract had already lost $1.48 on Thursday.