OPEC reports on oil production in January

Feb 14, 2001 01:00 AM

OPEC's 11 members produced an overall average of 28.52-mm bpd in January, an increase of 340,000 bpd on December's 28.18-mm bpd, according to a Platts survey of OPEC and oil industry officials. The extent of the increase was due largely to recovering export volumes from Iraq, which produced an average of 1.76-mm bpd in January against 1.32-mm bpd in December.
Excluding Iraq, which is not part of OPEC's quota system and whose exports are controlled by the UN, combined production from the remaining 10 members fell by 100,000 bpd, from 26.86-mm bpd in December to 26.76-mm bpd in January, just 60,000 bpd above the 26.7-mm bpd output ceiling which came into force October 31 and was superseded February 1 by a lower ceiling of 25.2-mm bpd.
"Iraq's oil exports decreased at the end of November due to pricing disputes with the United Nations," commented John Kingston, Global Director of Oil for Platts. "However, as these issues are resolved and pricing disputes are settled, Iraqi exports are likely to return to normal levels."

Four countries increased output by a combined 530,000 bpd. Nigeria, Iran and Qatar accounted for output boosts of 50,000 bpd, 30,000 bpd and 10,000 bpd respectively. Iraq accounted for the biggest single increase -- 440,000 bpd -- as its exports continued to recover towards levels seen last year before Baghdad suspended exports in late November because of a pricing dispute with the UN, among other issues.
But January's 1.76-mm bpd was well short of the 2.99-mm bpd pumped by Iraq last October. Iraq's rising production is also being attributed to Iraqi crude being transported to Syria outside the UN sanctions regime via a recently rehabilitated pipeline. Syria denied it is receiving Iraqi crude, but traders have noted a marked increase in Syria's crude exports.
Two countries reduced production in January. Indonesia produced 1.27-mm bpd, a drop of 60,000 bpd from December levels. Saudi Arabia cut output by 130,000 bpd, from December's average of 8.84-mm bpd to 8.71-mm bpd in January.
Algeria, Kuwait, Libya, the UAE and Venezuela maintained output at December levels. Algeria, Indonesia, Iran, Nigeria and Venezuela all produced within their quotas. Kuwait, Libya, Qatar, Saudi Arabia and the UAE all exceeded their quotas. New production quotas came into effect February 1 under an overall 10-member ceiling of 25.2-mm bpd, agreed at OPEC's January 17 ministerial meeting.

Platts is the world's largest and most authoritative provider of energy market information, with more than 325 professionals worldwide and products ranging from real-time and Internet-based news services, to market reports, databases, magazines and conferences. Platts services cover the oil, petrochemical, natural gas, electricity, nuclear power, coal and metals markets. Every day more than $ 10 bn of trading activity and term contract sales are based on Platts' price assessments.

Founded in 1888, The McGraw-Hill Companies is a global information services provider meeting worldwide needs in financial services, education and business-to-business information through leading brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. The corporation has more than 400 offices in 32 countries. Sales in 1999 were $ 4.0 bn.

Source: Business Wire
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