Platts Survey: August OPEC Oil Output Up 40,000 b/d to 32.81 million b/d

London (ots/PRNewswire) -

The 13 members of the Organization of the Petroleum Exporting
Countries (OPEC) pumped an average 32.81 million barrels per day
(b/d) of crude oil in August, a Platts survey of OPEC and oil
industry officials showed September 9. This is 40,000 b/d higher than
the July production of 32.77 million b/d.

Excluding Iraq, the 12 members bound by OPEC output agreements
produced an average 30.41 million b/d, the survey showed. This is
100,000 b/d more than July's 30.31 million b/d and some 737,000 b/d
greater than OPEC's 29.673 million b/d output target.

"The small increase comes against a backdrop of a supply/demand
balance in the market that suddenly is looking somewhat bearish,"
said Platts Global Director of Oil John Kingston. "This level of
production reported by Platts is more than analysts are projecting
the global market requires to stay balanced. It's the type of math
that clearly has some OPEC members worried."

Increases totalling 130,000 b/d from Algeria, Angola, Iran,
Nigeria and Venezuela were partly offset by decreases totalling
90,000 b/d from Iraq and Saudi Arabia.

Saudi Arabian production averaged 9.67 million b/d in August,
30,000 b/d short of the 9.7 million b/d the country pumped in July
but 727,000 b/d more than its 8.943 million b/d target.

Saudi Arabia raised its output over several months as oil prices
climbed to record levels, saying it was responding to increased
customer demand. But international crude prices have fallen by more
than US$40 per barrel since early July, when US West Texas
Intermediate and North Sea Brent climbed above US$147 per barrel.

For more information on OPEC, go to the "Platts Guide to OPEC" at
http://www.opec.platts.com. For production numbers by country, a
table is available at http://www.platts.com/Oil/Resources/News%20Feat
ures/opec/prod_table.xml.

About Platts:

Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a
leading global provider of energy and commodities information. With
nearly a century of business experience, Platts serves customers
across more than 150 countries. From 17 offices worldwide, Platts
serves the oil, natural gas, electricity, nuclear power, coal,
emissions, petrochemical, shipping and metals markets. Platts' real
time news, pricing, analytical services, and conferences help markets
operate with transparency and efficiency. Traders, risk managers,
analysts, and industry leaders depend upon Platts to help them make
better trading and investment decisions. Additional information is
available at http://www.platts.com.

About The McGraw-Hill Companies:

Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a
leading global information services provider meeting worldwide needs
in the financial services, education and business information markets
through leading brands such as Standard & Poor's, McGraw-Hill
Education, BusinessWeek and J.D. Power and Associates. The
Corporation has more than 280 offices in 40 countries. Sales in 2007
were US$6.8 billion. Additional information is available at
http://www.mcgraw-hill.com.

Web site: http://www.platts.com
http://www.opec.platts.com
http://www.mcgraw-hill.com
http://www.platts.com/Oil/Resources/News%20Features/opec/prod_table.xml

ots Originaltext: Platts
Im Internet recherchierbar: http://www.presseportal.de

Contact:
Kathleen Tanzy, +1-212-904-2860, Kathleen_tanzy@platts.com; Europe:
Shiona Ramage +44-207-1766153; Asia: Casey Yew +65-653-06552