OPEC oil output falls from record highs

A newly released survey by Reuters indicates that OPEC oil output in December fell from its record high - for the first time since May - falling to 34.18 million barrels per day, down from 34.38 million in November. This is supported by a tweet from a Wall Street Journal reporter that the Saudis have already cut output to honor the OPEC pledge. WSJ reporter Georgi Kantchev tweeted on Thursday that Saudi Arabia has already cut oil output by at least 486,000 barrels per day to 10.058 million barrels per day. Kantchev cited an unnamed and undescribed source in his tweet.

The Reuters survey, based on shipping data and industry sources, noted that OPEC—as of December—was pumping 1.68 million barrels per day above the 32.5 million production ceiling agreed to at the 30 November meeting, effective 1 January 2017. The biggest output drop came from Nigeria, where the government is facing down Niger Delta militants targeting oil installations.

Saudi Arabia also pumped less, according to the survey, after seeing record output in November. The reason for lower Saudi oil exports in December was lower demand, rather than an effort to make cuts.

On the flip side, Libya, which along with Nigeria is exempt from the November deal cuts, saw an increase in output, as did Iraq. Iran also put out 300,000 barrels per day more, according to the survey.

Earlier today, news agencies reported that Saudi’s state-owned Saudi Aramco had launched talks about cutting between 3 percent and 7 percent of its February crude shipments in line with the Kingdom’s commitment to cut output by 486,000 barrels per day.

Iraq oil officials also said today that they had implemented output cuts as of 1 January, but offered no further details.

2125 views


More World news

 Maria Zakharova and her daughter become prototypes for children#039s book heroine

Maria Zakharova and her daughter become prototypes for children's book heroine

Видео

Why China attracts dynasties of Russian intellectuals

Britain wants to maintain Iran nuclear deal

Britain wants to maintain Iran nuclear deal

British foreign minister Boris Johnson said that the Iran nuclear accord that US President-elect Donald Trump has threatened to tear up must be maintained. As he went into an EU foreign ministers …

German foreign ministry comments on Trump’s remarks about NATO

German foreign ministry comments on Trump’s remarks about NATO

President-elect Donald Trump’s remarks that NATO is obsolete have caused concern at the US-led military alliance and also appeared at odds with his own officials, German foreign minister Frank-Walter …

EU to stand by Iran nuclear deal

EU to stand by Iran nuclear deal

EU foreign affairs head Federica Mogherini insisted the bloc will stand by the Iran nuclear accord, because it serves Europe's security needs. "The European Union will continue to work for the respect and …

Should we wait for new nuclear disarmament?

Should we wait for new nuclear disarmament?

No talks between the US and Russia on reducing nuclear potentials are in progress at the moment, the Russian presidential spokesman …

Ilham Aliyev offers condolences to Atambayev over plane crash

Ilham Aliyev offers condolences to Atambayev over plane crash

Azerbaijani President Ilham Aliyev has offered condolences to the Kyrgyz President Almazbek Atambayev over the plane crash near Bishkek. "I was deeply saddened by the news of tragic death of …

Witnesses of Boeing crash in Kyrgyzstan about first minutes of tragedy

Witnesses of Boeing crash in Kyrgyzstan about first minutes of tragedy

Residents of the Dacha-Suu village, which was damaged by the cash of a Turkish Airlines cargo plane this morning, did not realize what happened at first, they thought it was an earthquake. Zumriyat …

Putin offers condolences to Kyrgyz president over Bishkek plane crash

Putin offers condolences to Kyrgyz president over Bishkek plane crash

Russian President Vladimir Putin has expressed condolences to his Kyrgyz counterpart, Almazbek Atambayev, over loss of life in the plane crash near Bishkek's airport, the Kremlin press service reported. …

Kazakhstan#039s Mailybayev accused of sharing classified information

Kazakhstan's Mailybayev accused of sharing classified information

Kazakhstan's state security service has detained President Nursultan Nazarbayev's former deputy chief of staff, Baglan Mailybayev, on charges of illegally collecting and sharing classified …

Crimea drafts UN resolution on Ukraine

Crimea drafts UN resolution on Ukraine

Crimean authorities have drafted a UN resolution on human rights violations committed while Crime was ruled by Kiev, the Chairman of the State Committee on …

more World news