OPEC's Total Crude Oil Output Rose to 32 Million Barrels Per Day in December, a Platts Survey Shows
January 15 2008 - 1:09PM
PR Newswire (US)
LONDON, Jan. 15 /PRNewswire/ -- The members of the Organization of
Petroleum Exporting Countries (OPEC) produced an average 32.03
million barrels per day (b/d) of crude oil in December, according
to a Platts survey of OPEC and oil industry officials January 14.
This is up from November's rate of 31.65 million b/d. Production
from OPEC's ten members bound by crude output agreements averaged
27.43 million b/d in December, the survey showed. This is 460,000
b/d more than in November and 177,000 b/d higher than the group's
27.253 million b/d target which came into effect at the beginning
of November. "The increase in supply is certainly welcome to this
market," said John Kingston, Platts Global Director of Oil. "It
appears the group's on track to meet its January target, which is
nearly 29.7 million barrels per day for 11 of the members,
excluding Iraq." The bulk of the December output increase was due
to higher production from the United Arab Emirates (UAE) as key
maintenance programs were brought to a close. UAE production was
estimated at 2.5 million b/d, 350,000 b/d higher than November's
2.15 million b/d. Smaller increases of between 10,000 b/d and
40,000 b/d came from Indonesia, Iran, Kuwait, Libya and Saudi
Arabia. The OPEC 10 excludes Iraq and new members Angola and
Ecuador. Iraqi production was estimated at 2.3 million b/d, some
100,000 b/d lower than in November. (Earlier this month, Iraqi oil
ministry data obtained by Platts showed total Iraqi output at 2.475
million b/d in December, despite a sharp fall in exports from
November levels. But Platts' methodology for calculating output
differs from that of the Iraqi government). Angolan production
edged up from 1.78 million b/d to 1.8 million b/d. Ecuador, which
left OPEC in the early 1990s but resumed its membership in
mid-November, produced an estimated 500,000 b/d. When OPEC met in
Abu Dhabi in December it left the OPEC-10 target of 27.253 million
b/d unchanged but allocated targets of 1.9 million b/d and 520,000
b/d to Angola and Ecuador from the beginning of January. OPEC's
production target rose to 29.673 million b/d on January 1, 2008.
Iraq does not participate in OPEC output agreements because it is
in process of rebuilding its oil industry after years of United
Nations sanctions followed by a US-led war. OPEC ministers will
meet in Vienna on February 1. The beginning of this year saw US
light crude prices climb above $100/barrel, but several top OPEC
officials have said the high prices have less to do with any
shortage of crude than to do with non-fundamental factors such as
geopolitics and speculative activity in futures markets. Country
December November October September Nov 1 target Algeria 1.390
1.390 1.380 1.360 1.357 Indonesia 0.840 0.830 0.830 0.830 0.865
Iran 3.970 3.950 3.900 3.880 3.817 Kuwait 2.540 2.500 2.450 2.420
2.531 Libya 1.740 1.720 1.710 1.700 1.712 Nigeria 2.200 2.200 2.190
2.180 2.163 Qatar 0.830 0.830 0.820 0.810 0.828 Saudi Arabia 9.020
9.000 8.800 8.700 8.943 UAE 2.500 2.150 2.600 2.590 2.567 Venezuela
2.400 2.400 2.400 2.400 2.470 OPEC-10 27.430 26.970 27.080 26.870
27.253 Angola* 1.800 1.780 1.750 1.720 N/A Iraq 2.300 2.400 2.280
2.170 N/A OPEC-10+ Angola, Iraq 31.530 31.150 31.110 30.760 N/A
Ecuador** 0.500 .500 N/A N/A N/A Total 32.03 31.650 N/A N/A N/A *
Angola joined OPEC on January 1, 2007. An output allocation of 1.9
million b/d assigned at OPEC's December 5 meeting in Abu Dhabi came
into effect on January 1. ** Ecuador resumed its OPEC membership in
November. An output allocation of 520,000 b/d came into effect on
January 1. For more information on OPEC, go to the "Platts Guide to
OPEC" at http://www.opec.platts.com/. 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
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the oil, natural gas, electricity, emissions, nuclear power, coal,
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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
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http://www.mcgraw-hill.com/. DATASOURCE: Platts CONTACT: Kathleen
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