OPEC leakage seen 313,000 bpd over new quotas

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WIRE:04/26/2000 19:10:00 ET OPEC leakage seen 313,000 bpd over new quotas-report LONDON, April 26 (Reuters) - OPEC oil production looks likely to rise by 773,000 barrels a day in April including 225,000 bpd from Iraq, a leading tanker tracker told clients on Wednesday. Geneva-based Petrologistics said preliminary expectations for OPEC supply in April were 27.555 million bpd compared to 26.782 million bpd in March.

It said the 10 OPEC members that eased supply restraints in April were likely to pump 25.005 million bpd from 24.457 million in March -- a rise of 548,000 bpd.

Under OPEC's old deal that expired in March the Petrologistics figures put leakage at 1.481 million bpd and compliance with 4.316 million bpd of supply curbs at 66 percent.

Under the new higher output target, and including Iran, leakage is 313,000 bpd and compliance with the remaining 2.6 million bpd of supply restraint is 88 percent, according to the Petrologistics data.

Nine OPEC members agreed in March to raise supply by 1.45 million bpd. Iran, which opted out of the agreement, said it also would pump more oil. Including Iran, the OPEC 10 is targeting supply of 24.692 million bpd from 22.976 million -- an increase on paper of 1.7 million.

Rising leakage has meant much of the new OPEC oil was already being produced.

Sanctions-bound Iraq remains outside the agreement and produces to capacity

http://abcnews.go.com/wire/World/reuters20000426_3986.html

-- Martin Thompson (mthom1927@aol.com), April 26, 2000


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