6 May 2007 - 13:05
  • News Code: 103941

NEW YORK: Crude-oil production in April by members of the Organisation of Petroleum Exporting Countries rose 50,000 barrels a day, or 0.2%, a Bloomberg News survey showed.

Output increased to an average 30mn bpd, according to the survey of oil companies, producers and analysts. Production in March was revised to 29.5mn bpd from 29.88mn estimated last month.

The 10 members of Opec with production quotas, all except Angola and Iraq, raised output by 30,000 barrels to 26.41mn bpd.

“I think the whole situation has gotten to the point where Opec is looking at the glass as half full,” said Peter Beutel, president of Cameron Hanover Inc, a New Canaan, Connecticut, energy consultant. “The 10 have cut as much as they promised but they sure have cut enough to get prices at a level Opec’s happy with.”

The 10 countries, in an effort to bolster prices, pledged to trim a total of 1.7mn bpd from production in two rounds of cuts, one that started on November 1 and another that took effect on February 1. Daily production from the 10 in October averaged 27.5mn barrels.

Higher output in Nigeria, UAE, Angola, Algeria and Qatar offset declines by other members. Nigerian output rose 70,000 bpd to an average 2.15mn bpd in April, the biggest increase in Opec.

 

PIN/BLOOMBERG

News Code 103941

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