This is an excerpt from EERE Network News, a weekly electronic newsletter.

March 26, 2003

EIA Reports World Oil Supply Steady

DOE released oil production figures from the Energy Information Administration (EIA) on March 21st, which confirm, according to Secretary of Energy Spencer Abraham, that "World oil production is consistent and steady."

As of Mach 20th, OPEC production was 26.5 million barrels per day, according to EIA. The amount is only slightly lower than the last reported figure of 26.9 million barrels per day in November 2002. Despite the loss of all production from Iraq and other production losses from Venezuela and Nigeria, world oil production has remained steady as other oil-producing countries, particularly Saudi Arabia, have significantly increased production and tanker loadings in recent weeks. See DOE's March 20th and 21st press releases, and for further analysis and production reports, see EIA's Web site.