US says world oil output 'consistent and steady'

www.alertnet.org 21 Mar 2003 15:55

WASHINGTON, March 21 (Reuters) - U.S. Energy Secretary Spencer Abraham said Friday that world oil production is "consistent and steady" as U.S. and U.K. forces invaded Iraq, based on analysis from the Energy Information Administration.

"EIA data today report that OPEC production as of March 20, 2003, was 26.5 million barrels per day, only slightly lower than the November 2002 figure of 26.9 million barrels per day. This despite losing all production from Iraq and also incurring other production losses from Venezuela and Nigeria," Abraham said in a statement.

"Working with International Energy Agency partners, we continue to monitor global oil market conditions. We appreciate the continued commitment by oil producing countries to ensure stability in the world oil markets," Abraham said.