According to reports, May 1 Reuters published the results of a survey which indicated that due to the decline in oil production in Nigeria and the Organization of Petroleum Exporting Countries (OPEC) member states to implement an agreement to raise oil prices, OPEC April oil supply the third consecutive decline in eight months.
According to the oil companies, OPEC officials and industry analysts said the survey results, the OPEC production target by 11 member states restrict the oil production in April from March's 25.63 million barrels per day decreased to 25.52 million barrels a day. OPEC hinted that such a survey has been completed so far 84% of last year's production target has been promised.
Despite the OPEC in September last year since the implementation of output measures, however, as the global economic crisis, oil prices and demand continued to decline in oil inventories in developed countries increased during this period so far in February has reached the equivalent of 61.6 days the demand for the level of oil inventories in developed countries is the highest since 1993.
OPEC vowed to cut oil production is equivalent to the global daily demand of 5%. OPEC oil production is currently the world's oil production accounted for more than one-third.
Survey found that non-OPEC, including Iraq, the 11 production quotas by a member of April the average oil production of more than 24,840,000 barrels of their collective goal of 680,000 barrels per day, which means that OPEC has only reduced they had previously agreed to cut 4.2 million barrels of daily output of 3.52 million barrels in.
Source: www.in-en.com May. 4, 2009
