OPEC Production Up 773K/bpd
Wednesday, April 26, 2000
OPEC oil production looks likely to rise by 773,000 barrels a day in April including 225,000 bpd from Iraq, a leading tanker tracker told clients on Wednesday. Petrologistics said preliminary expectations for OPEC supply in April were 27.555 million bpd compared to 26.782 million bpd in March. It said the 10 OPEC members that eased supply restraints in April were likely to pump 25.005 million bpd from 24.457 million in March -- a rise of 548,000 bpd.
Under OPEC's old deal that expired in March the Petrologistics figures put leakage at 1.481 million bpd and compliance with 4.316 million bpd of supply curbs at 66 percent. Under the new higher output target, and including Iran, leakage is 313,000 bpd and compliance with the remaining 2.6 million bpd of supply restraint is 88 percent, according to the Petrologistics data.