Petroleum Africa
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Monday, March 30, 2009
Production numbers are in for members of the Organization of Petroleum Exporting Countries (OPEC). According to consultants Petrologistics Ltd., some members of the cartel are still producing over their current quota limits.
There are four members who are quota busters, two out of Africa. Nigeria, Africa’s largest producer, has a current quota is 1.673 million bpd but the country’s output totals exceeded 1.75 million bpd. Angola has a quota of 1.517 million bpd but is pumping at 1.77 million bpd.
The two other quota busters are Iran and Venezuela.
The cartel at its last meeting in Vienna decided to keep its oil production quota at its current level. The rationale behind leaving the quotas unchanged according to OPEC was that another cut in output could damage the already ailing global economy.
The group is expected to enforce quotas more strictly in the coming months. Latest figures from the group show that members will need to cut another 800,000 bpd to comply with current quota levels. Just how they intend to enforce the quotas is unclear.
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