Evidently the market did not believe this report.
EIA:Dec OPEC Output Seen At 27.905M B/D
DOW JONES NEWSWIRES
By David Bird
Of DOW JONES NEWSWIRES
NEW YORK -- Crude oil output from the Organization of Petroleum Exporting Countries averaged 27.905 million barrels a day in December, the Energy Information Administration said Wednesday in a report.
EIA didn't give a comparative figure for November output, but in a similar report last month, it put the figure at 26.82 million b/d, indicating output rose in the month by 1.085 million b/d.
Excluding Iraq, OPEC's 10 members in its output quota system pumped at 25.955 million b/d, or 1.455 million b/d above the agreed output ceiling in December of 24.5 million b/d, EIA said.
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EIA didn't elaborate, but said elsewhere the report that it estimates current OPEC 10 output "running about 1 million barrels per day above the current quotas," suggesting the output has dropped since the end of the year.
EIA last month estimated OPEC 10 pumped 24.97 million b/d in November, or 470,000 b/d above the ceiling which took effect Nov. 1.
The EIA estimate would put OPEC total output at its highest levels since March 2001, when compared with OPEC records of its output as measured by secondary sources.
Saudi Arabia, the world's largest oil exporter, boosted its output sharply during December, the EIA figures show, to 8.6 million b/d from the previously published November estimate of 8.08 million b/d. The figure would put the Saudis 8%, or 637,000 b/d, above their assigned quota.
Iraqi output averaged 1.95 million b/d in December, up from 1.85 million b/d in November, EIA said.
The EIA didn't provide a country-by-country breakdown for current production, which it sees about 1 million b/d above the output ceiling.
OPEC Output (In Million B/D)
Dec Nov Quota
Algeria 1.2 1.2 0.782
Indonesia 0.985 0.99 1.27
Iran 3.8 3.7 3.597
Kuwait 2.2 2.1 1.966
Libya 1.42 1.425 1.312
Nigeria 2.275 2.15 2.018
Qatar 0.725 0.675 0.635
Saudi Arabia 8.6 8.080 7.963
UAE 2.25 2.15 2.138
Venezuela 2.5 2.5 2.819
OPEC 10 25.955 24.97 24.5
Iraq 1.95 1.85 n/a
Total OPEC 27.905 26.82 n/a
Saudi and Kuwaiti numbers include equal shares of Neutral Zone output |
