OPEC overshoots own production limits

Dec 19, 2003 01:00 AM

Despite the cartel's resolve to fix its overall output at 24.5 mm bpd in November, the 11-members of OPEC pumped an average of 27.52 mm bpd. The quota violation followed palpable rise in global oil demand growth as China's appetite for oil has continued to grow unabated.
Another indication from the global industry survey points that worldwide exploration and production expenditures are expected to rise by 4 % to $ 144.3 bn in 2004. A survey of oil industry and market by Platts Energy showed that OPEC's production rose form 27.51 mm bpd in October to 27.52 mm bpd in November.

The rising figure is attributed to growing productivity of Iraq and improved security of its oil export installations. Excluding Iraq the ten other members managed to reduce their combined output by 180,000 bpd to an average of 25.63 mm bpd in November from October's figure of 25.81 mm bpd. But the figures are far higher than the new ceiling which came into effect November 1.
The biggest single production cut came from OPEC giant, Saudi Arabia, which reduced production by 120,000 bpd to 8.31 mm bpd in November from October's 8.43 mm bpd, the survey showed. Other smaller cuts ranging from 10,000 bpd to 60,000 bpd came from Kuwait, Libya, UAE and Venezuela. But these cuts totalling 230,000 bpd are offset by over production of 240,000 bpd from ban, Nigeria and other member countries.

Nigeria, according to the survey, overshot its output quota of 2.018 mm bpd to 2.24 mm bpd in November and 2.23 mm bpd in October while Iran produced 3.81 mm bpd in November and 3.77 mm bpd in October.

Source: Daily Champion
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