Platts survey: OPEC pumps 29.12 million barrels of oil per day in June

Crude oil production fell 160,000 barrels per day from May

London - July 8, 2010

The 12-member Organization of the Petroleum Exporting Countries’ (OPEC) crude oil production output averaged 29.12 million barrels per day (b/d) in June, down 160,000 b/d from an estimated 29.28 million b/d in May, according to a just-released Platts survey of OPEC and oil industry officials and analysts.

Excluding Iraq, which does not participate in OPEC output agreements, output from the 11 members bound by quotas (OPEC-11) pumped 26.74 million b/d in June, down 90,000 b/d from May's 26.83 million b/d, the survey showed.

But despite the lower volumes in June, the OPEC-11 overproduced their 24.845 million b/d target by 1.895 million b/d. The latest estimates suggest that compliance with the 4.2 million b/d of output cuts agreed in late 2008 increased to around 57.3% in June from 52.7% in May but remained well below the almost 82% achieved in March 2009.

"This is the Goldilocks market for now, not too hot, not too cold," said John Kingston, Platts global director of news. "Yes, OPEC is producing more than the International Energy Agency's call for OPEC crude for full-2010, but that's to be expected in the second quarter, when markets traditionally build inventories. Stocks are healthy from a consumer's perspective, but not so bulging that it is causing market anomalies. This stability is reflected in the narrow range prices have traded in for several weeks now."

Saudi Arabia and Kuwait boosted output, by 20,000 b/d and 10,000 b/d respectively, to produce 8.27 million b/d and 2.3 million b/d.

Elsewhere, volumes dropped by between 10,000 b/d and 70,000 b/d.

Iraqi output fell by 70,000 b/d to 2.38 million b/d in June from 2.45 million b/d in May as a result of weather-related export loading delays and a bomb attack on the northern pipeline network.

Nigerian volumes fell back to 2.01 million b/d from 2.05 million b/d, a drop of 40,000 b/d.

For production numbers by country, view this table (you may be prompted for a cost-free one-time-only log in registration).

Platts OPEC and oil experts are available for media interviews; please consult Platts Media Center to schedule an interview.

# # #

About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience , Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil , natural gas , electricity , emissions, nuclear power, coal , petrochemicals , shipping , and metals markets from 17 offices worldwide. Platts' real-time news, pricing, analytical services and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com

About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, Platts, Capital IQ, J.D. Power and Associates, McGraw-Hill Construction and Aviation Week. The Corporation has more than 280 offices in 40 countries. Sales in 2008 were $6.4 billion. Additional information is available at www.mcgraw-hill.com .