OPEC's November oil output below 30 mm bpd

Dec 18, 2004 01:00 AM

Total crude oil production of the Organization of Petroleum Exporting Countries fell below 30 mm bpd in November, reversing a six-month uptrend. The group November output was at 29.99 mm bpd, or 290, 000 bpd down from a revised October figure of 30.28 mm bpd. Production of OPEC-10 members -- excluding Iraq, which isn't part of the OPEC quota system -- was up 360,000 bpd at 28.24 mm bpd, the highest monthly figure in the year to date.
"OPEC-10 output was thus 1.24 mm bpd above the production ceiling agreed at the September OPEC meeting, which came into effect on Nov. 1", a report said.

Overall OPEC production was hit by lower Iraqi oil flows due to a renewed spate of insurgent attacks on pipelines and other oil infrastructure. Both the pipeline feeding Basra Oil Terminal and the twin pipelines exporting oil to the Turkish port of Ceyhan were attacked, cutting export volumes.
In other countries, production rates remained at or close to capacity, with Iranian production surging to its highest level in the year-to-date above 4 mm bpd. Iranian production, comprising 2.665 mm bpd of exports and 1.425 mm bpd of deliveries to domestic refineries, rose by 200,000 bpd from the revised figure of 3.89 mm bpd in October. Libyan and Algerian oil production rose to near capacity, while Indonesian output continued to languish below 1 mm bpd, with output flattening out after the sharp declines seen earlier in the year.

The following are estimates of OPEC output in thousands bpd:

Country Nov. Oct. Quota

Algeria 1,350 1,350 862
Indonesia 950 940 1,399
Iran 4,090 3,890 3,964
Iraq 1,750 2,400 n/a
Kuwait (a) 2,450 2,450 2,167
Libya 1,650 1,550 1,446
Nigeria 2,300 2,250 2,224
Qatar 800 800 700
Saudi Arabia (a) 9,500 9,500 8,775
UAE 2,500 2,500 2,356
Venezuela 2,650 2,650 3,107
Total 29,990 30,280
OPEC-10 (b) 28,240 27,880 27,000

(a) Includes 50 % share of output from the neutral zone between the two countries, which averaged 600,000 bpd in November.
(b) Excludes Iraq, which isn't party to OPEC quota system.

Source: Dow Jones
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