World Oil Production Consistent, Abraham says
<a href=usinfo.state.gov>News from the Washington File 21 March 2003
(Steady supply supported by latest data) (290)
World oil supply is "consistent and steady" despite lost production from Iraq and elsewhere, U.S. Energy Secretary Spencer Abraham says.
In a March 21 statement Abraham said that data from his department's research office confirm that Organization of the Petroleum Exporting Countries production is only "slightly" lower now than in November 2002.
The Energy Information Administration (EIA) started March 20 producing daily updates of the world energy situation. The report, called the Energy Situation Analysis Report (ESAR), includes information on the latest world oil market developments, oil production and infrastructure issues, the U.S. petroleum situation, and relevant special topics.
The updated ESAR is available on the EIA Web site at: www.eia.doe.gov.
Following is the text of Abraham's statement:
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U.S. Department of Energy March 21, 2003
U.S. Secretary of Energy Spencer Abraham Notes EIA Data Confirms Steady World Oil Production
WASHINGTON, DC -- Following is a statement by Secretary of Energy Spencer Abraham:
"We continue to closely monitor the world oil supply situation. Today, the Department is releasing oil production figures from the Energy Information Administration (EIA) which confirm that world oil production is consistent and steady.
"EIA data today reports 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.
"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."
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