EIA Expects OPEC Output To Rise

Wednesday, February 07, 2001
The U.S. Energy Information Administration expects OPEC countries to continue producing above their quotas, pushing the cartel's average output 770,000 barrels per day (bpd) above official levels for the quarter. OPEC's actual production would also be just 619,000 bpd lower during the first quarter from output levels at the end of last year, the agency said in its monthly OPEC update. That would be much less than the 1.5 million bpd that OPEC members (excluding Iraq) agreed to cut from their production quotas during a meeting last month in Vienna. The cartel set its production at 25.2 million bpd beginning Feb. 1 in order to stop oil prices from falling from what is expect to be lower oil demand in the first half of this year. The EIA said OPEC's production cuts should be sufficient, unless there is a world economic slowdown that dampens oil demand. "Not further cuts would be needed to maintain prices within OPEC's ($22-$28) target range," the agency said. Separately, the agency lowered its assessment of Iraqi oil production for the year. The EIA said it assumes Iraq will try to further erode United Nations sanctions by disrupting its own oil supplies. The EIA said it continues to believe that Iraq will not be able to meet its goal of producing 3.4 million bpd of oil this year, which was the country's output level in July 1990 just prior to the Gulf War. Because of problems with Iraq, the EIA lowered its projected overall OPEC production levels by 300,000 bpd for this year. Even with the downward revision in OPEC output, the agency said worldwide production capacity is currently at its lowest level during a non-disruption period, such as the Gulf War, in the past three decades. Surplus production capacity will be as low as 3.3 million bpd for OPEC and 3.8 million bpd worldwide during the current quarter, according to the agency.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Two Hurt in Petrobras Platform Accident; Output Halted

Brazil's state-led oil company Petrobras was forced to stop output at its P-56 offshore oil production ship on Wednesday in the Marlim Sul field after an explosion

Dynamic Positioning Training Center Launched in Shanghai

C-MAR, an international marine and offshore services provider, and the Shanghai Maritime University (SMU) has officially launched the Dynamic Positioning training

Energy

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Two Hurt in Petrobras Platform Accident; Output Halted

Brazil's state-led oil company Petrobras was forced to stop output at its P-56 offshore oil production ship on Wednesday in the Marlim Sul field after an explosion

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2058 sec (5 req/sec)