OPEC output down 250,000 barrels per day in December: Survey

OPEC crude production fell by 250,000 barrels per day (bpd) in December to average 29.8 mmbpd over the month as Iraq's output and export difficulties intensified and pipeline sabotage shut in some Nigerian production, a Platts survey of OPEC and oil industry officials showed Wednesday.

A 50,000 bpd decline in Saudi production also contributed to the decline from November's 30.05 mmbpd.

It was the first time the group's output had fallen below 30 mmbpd since last spring. OPEC production was last below the 30 mmbpd level in April last year when it averaged 29.96 mmbpd.

Excluding Iraq, the ten members with quotas under a notional 28 mmbpd output ceiling produced an average 28.25 mmbpd in December, 100,000 bpd lower than November's 28.35 mmbpd.

The combination of sabotage, a prolonged spate of rough weather and some technical problems slashed Iraqi volumes further, to 1.55 mmbpd in December from 1.7 mmbpd in November.

Nigerian production fell back to around 2.42 mmbpd from 2.45 mmbpd in November after an attack on a major pipeline forced Shell to shut in some production.

Saudi Arabian production dipped by 50,000 bpd to 9.5 mmbpd and Iranian and Kuwaiti production slipped by 20,000 bpd and 10,000 bpd to 3.93 mmbpd and 2.54 mmbpd respectively. Other members kept their volumes around November levels, with a small 10,000 bpd increase in UAE output.

At its December 12 meeting in Kuwait, OPEC decided to keep the official ceiling and quotas unchanged but fixed an extraordinary meeting for Jan 31 and hinted that it might be necessary to rein in production early in 2006 to deal with any drop in demand after the winter. (*)

Country-by-country breakdown of production with figures in millions of bpd:

Country

Dec 05

Nov 05

Oct 05

Sept 05

Aug 05

Quota

Algeria

1.370

1.360

1.350

0.894

Indonesia

0.930

0.940

1.451

Iran

3.930

3.950

4.000

4.110

Iraq

1.550

1.700

1.800

1.990

1.890

N/A

Kuwait

2.540

2.550

2.247

Libya

1.660

1.650

1.500

Nigeria

2.420

2.450

2.306

Qatar

0.800

0.790

0.726

Saudi Arabia

9.500

9.550

9.500

9.560

9.550

9.099

UAE

2.500

2.490

2.480

2.470

2.444

Venezuela

2.600

2.610

2.620

3.223

Total

29.800

30.050

30.070

30.310

30.260

N/A

OPEC 10 (excluding Iraq)

28.250

28.350

28.270

28.320

28.370

28.000

OPEC output down 250,000 barrels per day in December: Survey

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