OPEC oil output falls in January, but above target: Report
Saturday, February 10 2007 - 02:20 AM WIB
Total OPEC output, including volumes from Iraq and new member Angola, averaged 30.11 million b/d in January, 1.21 million b/d higher than December's 28.9 million b/d, the survey showed. Iraq does not participate in OPEC output agreements, while Angola, whose membership of the cartel is just over a month old, has yet to accept or be allocated any output target.
The survey showed that the so-called OPEC-10 in January were still 650,000 b/d above their 26.3 million b/d target output level which came into effect on November 1, 2006. This target was superseded on February 1, 2007 by a new, lower output target of 25.8 million b/d following OPEC's mid-December decision to expand the 1.2 million b/d production cut agreed in October to 1.7 million b/d.
"OPEC's output has not declined much from what it was in December, but from OPEC's perspective, that's OK," says John Kingston, Platts global director of oil. "Firm prices near $60 mean the group's current production levels are not excessive relative to demand."
But the second quarter looms, and that is traditionally the weakest demand quarter, he cautions. "If OPEC wants to defend current prices near $60 it may prove difficult to do if the group's production levels stay just under 27 million barrels per day. Most other projections see the market's need for OPEC oil in the second quarter to be less than that."
Output decreases totaling 70,000 b/d from Algeria, Libya, Saudi Arabia and Venezuela were partly offset by a 20,000 increase in Nigerian production, which edged up to 2.25 million b/d from 2.23 million b/d.
Iraqi volumes were sharply down in January, partly as a result of the main Gulf export terminal at al-Basrah being closed for three days to install refurbished measuring meters. Bad weather also took its toll on exports.(denny)
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| Country |
|
| Jan 07 |
|
| Dec 06 |
|
| Nov 06 |
|
| Oct 06 |
|
| Nov Cut Agreed |
|
|
|
|
|
| Algeria |
|
| 1.340? |
|
| 1.350 |
|
| 1.350 |
|
| 1.370 |
|
| 0.059 |
|
|
|
|
|
| Indonesia |
|
| ???0.860? |
|
| 0.860 |
|
| 0.860 |
|
| 0.860 |
|
| 0.039 |
|
|
|
|
|
| Iran |
|
| 3.850 |
|
| 3.850?? |
|
| 3.850 |
|
| 3.900 |
|
| 0.176 |
|
|
|
|
|
| Iraq |
|
| 1660 |
|
| 1.900 |
|
| 1.990 |
|
| 2.020 |
|
| N/A |
|
|
|
|
|
| Kuwait |
|
| 2.460 |
|
| 2.460 |
|
| 2.460 |
|
| 2.530 |
|
| 0.100 |
|
|
|
|
|
| Libya |
|
| ??1.690 |
|
| 1.700 |
|
| 1.710 |
|
| 1.730 |
|
| 0.072 |
|
|
|
|
|
| Nigeria |
|
| 2.250 |
|
| 2.230 |
|
| 2.230 |
|
| 2.300 |
|
| 0.100 |
|
|
|
|
|
| Qatar |
|
| 0.800 |
|
| 0.800 |
|
| 0.800 |
|
| 0.830 |
|
| 0.035 |
|
|
|
|
|
| Saudi Arabia |
|
| 8.750 |
|
| 8.790 |
|
| 8.800 |
|
| 9.070 |
|
| 0.380 |
|
|
|
|
|
| UAE |
|
| 2.500 |
|
| 2.500 |
|
| 2.550 |
|
| 2.600 |
|
| 0.101 |
|
|
|
|
|
| Venezuela |
|
| 2.450 |
|
| 2.460 |
|
| 2.460 |
|
| 2.540 |
|
| 0.138 |
|
|
|
|
|
| OPEC 10 (excluding Iraq) |
|
| 26.950? |
|
| 27.000 |
|
| 27.070 |
|
| 27.730 |
|
| 1.200 |
|
|
|
|
|
| Angola |
|
| 1.500?? |
|
| N/A |
|
| N/A?? |
|
| N/A |
|
| N/A |
|
|
|
| ||||||||||||||||||
|
| Total |
|
| 30.110 |
|
| 28.900 |
|
| 29.060 |
|
| 29.750 |
|
| 1200 |
|
|
|
|