The Organization
of the Petroleum Exporting Countries, OPEC, Tuesday morning disclosed that oil
production in member countries remain at 30 million bpd.
The body said
that reports in the media especially in Nigeria that it has increased
production by 810,000 bpd are figures gathered from secondary sources.
OPEC
said that it might have been based on calculations gathered from its monthly
oil market report which is based on marketers, secondary and independent
sources.
TOTALNEWS247
gathered that the Head of OPEC
media relations, Mr. James Griffin said that only at the ministerial meeting
can the issue of crude oil production increase be discussed and decisions made.
He further stated that production remains at 30 million bpd.
According to
secondary sources, total OPEC crude oil production averaged 30.79 mb/d in
March, an increase of 0.81 mb/d over the previous month. Crude oil output
increased mostly from Saudi Arabia and Iraq, while Libya saw a return of about
165 tb/d from shut-in wells in active oil fields.
According to
the secondary sources report, OPEC crude oil production, not including Iraq,
stood at 27.16 mb/d in March, down by 0.49 mb/d over the previous month.
TOTALNEWS247
gathered that independent markers
and other secondary sources revealed that preliminary data in world oil supply
indicates that global oil supply increased by 0.90 mb/d to average 94.52
mb/d in March 2015 compared with the previous month. The increase of non-OPEC
supply as well as OPEC crude oil production in March caused the rise in global
oil output. The share of OPEC crude oil in total global production increased by
0.6% to 32.6% in March, compared with the previous month.
According to
the OPEC crude oil production report based on direct communication, there has
been a decline in Nigeria's production by -112.7mb/d for the months of
February/March 2015. While secondary sources said the decline is
-38mb/d.
The decline
also affects all production in Africa as non-OPEC producers in Africa is
expected to decline by 10 tb/d to average 2.41 mb/d. This indicates a downward
revision by 10 tb/d compared with the last monthly report. Some growth is
forecast in Congo as well as Equatorial Guinea at 10 tb/d each.
TOTALNEWS247learnt that this estimates are based on
preliminary data for non-OPEC supply as well as OPEC NGLs and non-conventional
from direct communications, while estimates for OPEC crude production come from
secondary sources.
OPEC
President, Mrs Diezani Alison-Madueke, at the 166th Ordinary Meeting
of the organization in Vienna, Austria, last November disclosed that world
oil demand in 2015 will grow by around 1.1 million barrels per day, with total
consumption at around 92.3 million barrels per day with the bulk of this net
oil demand growth coming from non OECD countries.
The recent
price developments signaled that the oil market is currently searching for
stability and balance, which will be focus of deliberations at the next
ministerial meeting scheduled for June 2015.
According to
a top Iranian official, Iran, once OPEC's second-largest producer after Saudi
Arabia, hopes to boost crude exports by as much as 1 million barrels per day
(bpd) if Tehran and six major powers finalize a nuclear agreement by a June 30
deadline.
Sanctions
imposed by the European Union and the United States have halved Iran's oil
exports to just over 1 million barrels per day since 2012.
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