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IEA: OPEC does not need to increase the level of oil production in 2010

Jan 30th, 2010 | By admin | Category: Main News

Organization of Petroleum Exporting Countries (OPEC) will not need to increase quotas for oil production at this year"s rising gas condensate production, leads the agency Bloomberg words of the Deputy Executive Director of the International Energy Agency (IEA), Richard Jones.

"We do not expect any significant changes in the level of OPEC production this year - said R. Jones. - First, oil production in countries outside of OPEC, will rise, albeit moderately. Second where more importance is the significant increase in the production of gas condensate - to 800 thousand barrels per day.

Countries outside of OPEC, which accounts for about 60% of the world"s oil in 2010 will produce about 51.5 million bpd, the IEA believes.

In this volume of world oil consumption will be at the level of 86.3 million bpd, which is 1,7%, or 1.44 million bpd, more than last year.

In December, the level of OPEC production averaged 29.1 million bpd, an increase of 75 thousand b /d more than in November. Thus, the implementation of quotas OPEC member countries fell last month by 2% - up to 58%.

OPEC extraordinary meeting in Luanda on 22 December decided to keep production quotas at the level of 24.845 million barrels a day. Under the quotas covered 11 countries cartel, without Iraq.

In OPEC, which accounts for about 40% of global oil supply, includes 12 countries: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE and Venezuela.

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