OPEC's crude oil production rose to 29.1 mm bpd in December
OPEC's crude oil production rose to 29.1 mm bpd in December, an increase of 160,000 bpd from an estimated November
level of 28.94 mm bpd, a Platts survey of OPEC and oil industry officials and analysis showed.
"While OPEC members agreed to uphold their individual quotas at the December 17 meeting, one has to wonder if that
commitment will hold in the wake of oil prices that have traded between $ 70- and $ 80 per barrel, levels that Saudi
Arabia's oil minister thinks are fairly 'perfect'," said John Kingston, Platts Global Director of Oil and News.
Excluding Iraq, the 11 OPEC members bound by production quotas pumped an average 26.61 mm bpd in December, 120,000
bpd more than estimated November output of 26.49 mm bpd, the survey found.
Angola, Iraq, Nigeria, Saudi Arabia and the United Arab Emirates (UAE) increased output by a collective 180,000 bpd,
with the biggest single increase coming from Nigeria, whose volumes rose by 100,000 bpd, the survey estimated.
Iranian output fell by 20,000 bpd.
The latest estimates leave the OPEC-11 exceeding its 24.845 mm bpd target by 1.765 mm bpd. Compliance with the
pledged cuts of 4.2 mm bpd agreed in late 2008 has been declining since April 2009 alongside a broad firming of oil
prices. Having peaked at near 82 % in March 2009, compliance fell to 58 % in December.
OPEC ministers are scheduled to meet next on March 17 in Vienna.
