New OPEC Quotas
OPEC says Saudis to assume almost two-thirds of output hike
Platts
Sept. 14, 2007
OPEC kingpin Saudi Arabia will boost its production by 327,000 b/d under
the cartel's output increase announced earlier this week, assuming 63% of the
522,000 b/d OPEC plans to put on the market from November 1, according to
figures released by the group Friday.
The Saudis' new production allocation will be 8.943 million b/d. That is
up from August output of 8.616 million b/d, according to figures from
secondary sources used by the cartel.
OPEC, at its meeting Tuesday in Vienna, said it would raise its actual
production by 500,000 b/d from November, while setting a new output target of
27.253 million b/d.
Cartel officials said the new allocation figures would be altered from
August output numbers from secondary sources, which actually results in a
slightly higher planned output increase of 522,000 b/d.
In raising its production target to 27.253 million b/d from 25.8 million
b/d, OPEC essentially formalized 930,000 b/d of overproduction, on top of
adding the 522,000 b/d in new output.
Not all members will see an increase under the new allocations; figures
for Iran and the United Arab Emirates have decreased. Iraq and Angola are not
part of OPEC's output agreements and are not assigned allocations, though
Angola will join the allocation system next year.
Here are the new allocations for OPEC's 10 members bound by output
agreements, from November 1:
August New allocation Change
output from Nov 1
Algeria 1,354 1,357 3
Indonesia 839 865 26
Iran 3,869 3,817 -52
Kuwait 2,446 2,531 85
Libya 1,710 1,712 2
Nigeria 2,145 2,163 18
Qatar 821 828 7
Saudi Arabia 8,616 8,943 327
UAE 2,573 2,567 -6
Venezuela 2,358 2,470 112
Total 26,730 27,253 522
(All figures in '000 barrels/day)
Read more about OPEC in Platts OPEC Guide at
http://www.platts.com/Oil/Resources/News%20Features/opec/index.xml
