US crude inventories were at all-time highs while oil demand remained depressed, down 5.4% from year-ago levels in February 2009. According to analysts at Raymond James & Associates Inc, oil production among members of the OPEC apparently peaked in the first quarter of 2008, with non-OPEC production having topped out in 2007. However, it is entirely intuitive to conclude that if both OPEC and
... [Show full abstract] non-OPEC production posted declines against the backdrop of $100/bbl oil, those declines had to have come for involuntary reasons such as the inherent geological limits of oil fields. Total crude production from all OPEC members slipped 75,000 bpd, or 0.3%, to 27.58 million bpd in April 2009, compared with March. The 11 OPEC members under quota restrictions - all except Iraq - produced 25.25 million bpd, 410,000 bpd more than their official target of 24.84 million bpd. Nevertheless, OPEC members generally are staying tight and abiding by their quotas. Saudi Arabia reduced its production by 25,000 bpd to 7.92 million bpd, under its official target of 8 million bpd. UAE lowered production 40,000 bpd to 2.16 million bpd in April, 63,000 bpd lower than its target. According to industry reports, Abu Dhabi's export allocation of its Murban, Lower Zakum, and Umm Shaif crudes to customers in Asia will stay 15% below contract volumes through May 2009. Kuwaiti production decreased 20,000 to 2.09 million bpd and 127,000 bpd lower than its quota. On the other hand, Nigeria raised production 50,000 to 1.84 million bpd. Angola increased its output by 10,000 to 1.63 million bpd.