The overproduction — which is about 200,000 barrels a day higher than announced by members — shows the Organization of Petroleum Exporting Countries still has a long way to go before it reaches a target of 95% compliance in May.
Petrologistics head Conrad Gerber said the numbers — which reflect loading programs as of Thursday — show an average of 25.9 million barrels a day, compared with a revised 25.93 million barrels a day in February. They don' t include Iraq, which doesn' t have a quota.
Gerber said Iran is expected to produce 3.75 million barrels a day, higher than its 3.336 barrels a day quota. Angola is seen producing 1.77 million barrels a day, compared with a quota of 1.517 million barrels a day, he said.
He said Nigeria' s output is forecasted at 1.78 million barrels a day, compared with a 1.673 million barrels a day quota. Venezuela is seen producing 2.28 million barrels a day, compared with a quota of 1.986 million barrels a day, with exports to the U.S. increasing.
Author: Ksenia Kochneva
