LONDON, Jan. 12 /PRNewswire/ -- Platts – The Organization of the Petroleum Exporting Countries (OPEC) crude oil production rose to 29.1 million barrels per day (b/d) in December, an increase of 160,000 b/d from an estimated November level of 28.94 million b/d, a Platts survey of OPEC and oil industry officials and analysts showed Tuesday.
"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 million b/d in December, 120,000 b/d more than estimated November output of 26.49 million b/d, the survey found.
Angola, Iraq, Nigeria, Saudi Arabia and the United Arab Emirates (UAE) increased output by a collective 180,000 b/d, with the biggest single increase coming from Nigeria, whose volumes rose by 100,000 b/d, the survey estimated. Iranian output fell by 20,000 b/d.
The latest estimates leave the OPEC-11 exceeding its 24.845 million b/d target by 1.765 million b/d.
Compliance with the pledged cuts of 4.2 million barrels per day 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.
For production numbers by country, view this table (http://www.opec.platts.com/NewsFeatureDetail.aspx?xmlpath=IM.Platts.Content/InsightAnalysis/NewsFeature/2009/opec/prod_table.xml) (you may be prompted for a cost-free one-time-only log in registration).
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