OPEC Excerpts: Oil Market Challenges to Continue In Q2 -2
Market News
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The following is the second and final part of excerpts from OPEC's Monthly Oil Market Report for March released Wednesday, in which its forecast for 2010 world oil demand is revised up slightly by 0.1 million barrels per day -- to 0.9 million barrels -- with the group warning that oil market challenges will continue in the second quarter, and that current OPEC production is likely to exceed market needs:
OPEC Crude Oil Production
OPEC total crude oil production averaged 29.36 mb/d in February, according to secondary sources, an increase of 192 tb/d from the previous month. Production from Iraq, Angola, and Venezuela indicated the highest increase in February, while production from Nigeria experienced the biggest decline. OPEC crude production, not including Iraq, stood at 26.81 mb/
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