Platts Survey: OPEC Pumps 30.45 Million Barrels Per Day in June

       Platts Survey: OPEC Pumps 30.45 Million Barrels Per Day in June

Crude Oil Production Fell 120,000 Barrels Per Day From May

PR Newswire

LONDON, July 10, 2013

LONDON, July 10, 2013 /PRNewswire/ --Platts – Crude oil output from the
Organization of the Petroleum Exporting Countries (OPEC) fell to 30.45 million
barrels per day (b/d) in June from 30.57 million b/d in May, as lower volumes
from Libya and Iraq more than offset an increase from top producer Saudi
Arabia, a Platts survey of OPEC and oil industry officials and analysts showed
Tuesday.

"What's notable about this month's figures is not the Libyan decline, because
that was known since the start of June, but the way the Saudis stepped right
in to fill that gap," said John Kingston, Platts global director of news. "The
Saudi role as swing producer becomes more significant every month, as the
kingdom puts oil into the market when it's needed, and takes it out when it's
not. It has been particularly aggressive in this role in recent months."

Libyan production, which had recovered to around 1.4 b/d in May, plunged by
200,000 b/d in June amid continuing political unrest that has included
protests at key oil fields across the country. On June 11, oil minister
Abdel-Bari al-Arousi said Libyan oil output had fallen below one million b/d
because of the protests and other technical issues. In mid-June, the
state-owned National Oil Corporation (NOC) said there had been a "massive"
decline in production at some of Libya's major fields, among them Elephant,
Sharara, Sarir and Messla. Security personnel have been protesting since June
2 at the Elephant field, which is operated by a joint venture between NOC and
Italy's Eni, demanding improved pay and conditions.

Reduced exports took Iraqi output down by around 100,000 b/d to 3 million b/d.
The northern pipeline system, which carries crude to Ceyhan on the Turkish
Mediterranean, has been subject to repeated attacks by insurgents. Exports
from Ceyhan, suspended since mid-June, remained halted on Tuesday despite
earlier reports that loadings would resume on July 4.

Other smaller dips in output came from Algeria, Angola and Nigeria. The 1.88
million b/d estimate for Nigeria was the lowest since September 2009, when
production was pegged at 1.85 million b/d. Nigeria is subject to frequent
sabotage of oil installations and pipelines and is also seeing U.S. export
market shrink dramatically.

Nigeria's Bonny Light crude has been under force majeure since mid-April, when
Shell shut in 150,000 b/d of production to repair a major pipeline reported to
be damaged by thieves. And while production of Total's offshore Usan crude
restarted in late June, almost a month after it was stopped for unspecified
reasons, the grade remains under force majeure. Usan normally produces between
90,000 b/d and 110,000 b/d.

OPEC kingpin Saudi Arabia boosted output by 250,000 b/d to 9.65 million b/d,
the highest volume since November 2012 when output was estimated at 9.82
million b/d, the survey showed. Saudi output typically climbs in summer to
meet increased demand from domestic power stations for direct-burning crude.
Saudi production was estimated at an average 10 million b/d during May, June,
July and August last year.

There were smaller increases of 10,000 b/d each from Kuwait and the United
Arab Emirates.

The latest survey indicates OPEC is overproducing its official
30-million-barrels-per-day ceiling, which has been in place since January
2012, by 450,000 b/d. Adherence to the ceiling, however, is informal as OPEC
has not set individual country quotas. This effectively leaves the management
of the market to Saudi Arabia, the only country with the ability to make
significant adjustments to output.

For output numbers by country, clickhere. You may be prompted for a
cost-free, one-time-only log-in registration.For the latest OPEC news
features, visit this OPEC Features link and for an OPEC guide, accessthis
link.

PlattsOPEC and oil experts are available for media interviews; please consult
Platts Media Centerto schedule an interview. For otheroil, energy and
related information, visit the Platts website atwww.platts.com.

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