Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (83459)	1/4/2001 2:05:50 PM
From: Second_Titan	Respond to of 95453

OPEC Dec Output Falls 1.8 Mln B/D On Iraq -Petrologistics Dow Jones Newswires LONDON -- Crude output by the Organization of Petroleum Exporting Countries fell by 1.8 million barrels a day in December from November, mainly due to disruption of Iraqi exports, a senior consultant at Geneva-based tanker tracker Petrologistics told Dow Jones Newswires Thursday. Preliminary estimates of December OPEC supply by Petrologistics show that OPEC produced 28.2 million b/d of oil in December, compared with 30 million b/d in November. Petrologistics' estimates show that Iraq's output fell by 1.6 million b/d in December to 1.25 million b/d. In November, the tanker tracker estimated Iraq's output at 2.85 million b/d. A recent pricing dispute with its customers disrupted Iraq's oil exports in December, and pushed them down from a recent average of around 2.2 million b/d. However, the Petrologistics consultant said Iraq's December figure may be revised slightly upward in the next few days. Output from OPEC's largest producer Saudi Arabia also fell by a hefty 210,000 b/d in December from November to 8.86 million b/d, Petrologistics said. The consultant said there was "some uncertainty as to why" Saudi Arabia's production had fallen so heavily in December from the previous month. One possibility, he said, is that the kingdom calculates its monthly output by using a three-month average. This can result in significant differences in Saudi Arabia's monthly production. He said Saudi Arabia sometimes adjusts its production to match a three-month average. Higher crude demand from the U.S. and Persian Gulf in November had also encouraged Saudi Arabia to increase its output at that time, he said. "In December, the markets settled and they (Saudi Arabia) came back (to current levels)," he said. Crude production in December by OPEC, excluding Iraq, was 26.95 million b/d, some 150,000 b/d lower than November's estimated 27.10 million b/d. Excluding Iraq, OPEC pledged to produce 26.7 million b/d of crude from Oct. 31. Petrologistics said most OPEC members produced at similar levels or slightly higher levels in December from November. Petrologistics' estimates show that Iran produced 3.820 million b/d in December, compared with 3.810 million b/d in November. -By Sally Jones, Dow Jones Newswires; 44-207-842-9347;