Latest OPEC oil production figures Oct 2013

OPEC oil production figures covering entire month of September 2013

  • OPEC’s crude oil production fell 110,000 b/d to 30.34mn b/d in July, down from 30.45mn b/d in
    June, according to the latest (8 August) Platts survey of OPEC and oil industry officials and analysts. A
    130,000 b/d increase from OPEC kingpin Saudi Arabia failed to offset the 200,000 b/d
    month¬over¬month crude output drop in Libya, where production and exports have been affected by
    strikes about pay and conditions as well as protesters demanding oil sector employment. Libyan crude
    output was estimated at an average 1mn b/d in July. Libya’s main oil export terminals at Es Sider, Ras
    Lanuf and Zueitina remained closed in early August. Crude exports had dropped by more than 70% to
    just 330,000 b/d. Platts in early August that output had dropped to around 820,000 b/d.
  • Output increases, albeit small, were seen in Kuwait and in Nigeria during July, where the Trans¬Niger pipeline briefly came back onstream before being shut down again after a new leak.
  • Meanwhile, output from sanctions¬strapped Iran dipped by 20,000 b/d to 2.66mn b/d. Iraqi
    production fell for the third consecutive month, to 2.98mn b/d in July, down from 3mn b/d in June,
    3.1mn b/d in May and 3.15mn b/d in April. Angolan production fell by 30,000 b/d to 1.75mn b/d.
  • OPEC exceeded its overall production ceiling of 30mn b/d by 340,000 b/d in July. The group agreed at its Vienna meeting in June to maintain the ceiling established in January 2012 but which does not include individual country quotas.