Platts Survey: OPEC Pumps 29.1 Million Barrels of Oil Per Day in December

LONDON, Jan. 12 /PRNewswire/ -- Platts – The Organization of the Petroleum Exporting Countries (OPEC) crude oil production rose to 29.1 million barrels per day (b/d) in December, an increase of 160,000 b/d from an estimated November level of 28.94 million b/d, a Platts survey of OPEC and oil industry officials and analysts showed Tuesday.

"While OPEC members agreed to uphold their individual quotas at the December 17 meeting, one has to wonder if that commitment will hold in the wake of oil prices that have traded between $70- and $80 per barrel, levels that Saudi Arabia's oil minister thinks are fairly 'perfect'," said John Kingston, Platts Global Director of Oil and News.

Excluding Iraq, the 11 OPEC members bound by production quotas pumped an average 26.61 million b/d in December, 120,000 b/d more than estimated November output of 26.49 million b/d, the survey found.

Angola, Iraq, Nigeria, Saudi Arabia and the United Arab Emirates (UAE) increased output by a collective 180,000 b/d, with the biggest single increase coming from Nigeria, whose volumes rose by 100,000 b/d, the survey estimated. Iranian output fell by 20,000 b/d.

The latest estimates leave the OPEC-11 exceeding its 24.845 million b/d target by 1.765 million b/d.

Compliance with the pledged cuts of 4.2 million barrels per day agreed in late 2008 has been declining since April 2009 alongside a broad firming of oil prices. Having peaked at near 82% in March 2009, compliance fell to 58% in December.

OPEC ministers are scheduled to meet next on March 17 in Vienna.

For production numbers by country, view this table (http://www.opec.platts.com/NewsFeatureDetail.aspx?xmlpath=IM.Platts.Content/InsightAnalysis/NewsFeature/2009/opec/prod_table.xml) (you may be prompted for a cost-free one-time-only log in registration).

For an OPEC news feature, click here. For other oil, energy and related information, visit Platts online at www.platts.com.

About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience, Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil, natural gas, electricity, emissions, nuclear power, coal, petrochemical, shipping, and metals markets from 17 offices worldwide. Platts' real-time news, pricing, analytical services and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com.

About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies (NYSE:  MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, Platts, Capital IQ, J.D. Power and Associates, McGraw-Hill Construction and Aviation Week. The Corporation has more than 280 offices in 40 countries. Sales in 2008 were $6.4 billion. Additional information is available at www.mcgraw-hill.com.

SOURCE Platts

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