Total OPEC Oil Output Rose 40,000 Barrels Per Day in November
December 10 2007 - 1:37PM
PR Newswire (US)
OPEC-10 Output Fell Due to UAE Field Maintenance, Platts Survey
Shows LONDON, Dec. 10 /PRNewswire/ -- Overall oil production by the
12 members of the Organization of Petroleum Exporting Countries
(OPEC) rose to 31.15 million barrels per day (b/d) in November,
according to Platts' latest survey of OPEC and oil industry
officials just released. This is up 40,000 b/d from October's
production of 31.11 million b/d, as higher volumes from Saudi
Arabia and Iraq helped offset a large field maintenance-related
drop in UAE output. Excluding Iraq and Angola, the ten OPEC members
bound by new output allocations which came into effect at the
beginning of November, pumped 26.97 million b/d, down 110,000 b/d
from October's 27.08 million b/d. Most members increased
production; Iran and Kuwait boosting output by around 50,000 b/d
each and Angola by 30,000 b/d, with smaller increases of around
10,000 b/d coming from Algeria, Libya, Nigeria and Qatar. Saudi
Arabia, one of OPEC's key producers, pumped an average 9 million
b/d during the month, up 200,000 b/d from recent production levels.
Iraq's output rose 120,000 b/d in November to 2.4 million b/d, the
highest since the 2003 war. "For consumers, it's encouraging to see
Saudi Arabia above the 9 million barrel per day mark," said Platts
Global Director of Oil John Kingston. "At Platts, we had seen some
signs that more oil was coming on the market, with one of the most
visible indicators being the rise in tanker freight rates. That was
an indication that more ships were being chartered to move more
oil. These numbers justify that assumption. It's also encouraging
to see the sustained improvement out of Iraq. And the fact that
this rise in output occurred while the UAE was undergoing
significant oil field maintenance is another hopeful sign for
additional supply injections down the road." Field maintenance that
affected UAE production had been anticipated by the marketplace.
The Abu Dhabi National Oil Company had signalled the likely
November maintenance of its Upper Zakum, Lower Zakum and Umm Shaif
offshore oilfields in advance, saying in September that it had
worked with its customers to ensure minimum disruption by advancing
the majority of exports. As a result, total UAE output fell to 2.15
million b/d in November, down from an average of 2.6 million b/d in
October. OPEC ministers, who met in Abu Dhabi last Wednesday,
December 5th, decided to maintain current output limits, set at
27.253 million b/d for the OPEC-10, and to meet again in Vienna on
February 1, 2008. They also assigned output allocations of 1.9
million b/d to Angola, which joined OPEC last January, and 520,000
b/d to Ecuador which resumed its OPEC membership at OPEC's November
17-18 heads of state summit in the Riyadh, Saudi Arabia. Including
these two countries, OPEC's output target is set to rise to 29.673
million b/d in January 2008. Country November October September
August Nov 1 target Algeria 1.390 1.380 1.360 1.360 1.357 Indonesia
0.830 0.830 0.830 0.830 0.865 Iran 3.950 3.900 3.880 3.880 3.817
Kuwait 2.500 2.450 2.420 2.420 2.531 Libya 1.720 1.710 1.700 1.690
1.712 Nigeria 2.200 2.190 2.180 2.150 2.163 Qatar 0.830 0.820 0.810
0.810 0.828 Saudi Arabia 9.000 8.800 8.700 8.660 8.943 UAE 2.150
2.600 2.590 2.590 2.567 Venezuela 2.400 2.400 2.400 2.400 2.470
OPEC-10 26.970 27.080 26.870 26.790 27.253 Angola* 1.780 1.750
1.720 1.680 N/A Iraq 2.400 2.280 2.170 1.990 N/A Total 31.150
31.110 30.760 30.460 N/A * Angola joined OPEC on January 1, 2007
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