OPEC production fell to 30.65m bpd in December
- Middle East: Wednesday, January 16 - 2013 at 07:11
According to a survey by Platts, crude oil production from Opec fell to 30.65 million barrels per day (b/d) in December from 31.08 million b/d in November, led by a plunge in exports from both Saudi Arabia and Iraq. "Global supply has been running above demand for many months, so the Saudis appear to have decided to simply take away a good chunk of that surplus all in one shot," said John Kingston, Platts global director of news. "It's a wake-up call to let an increasingly glutted market know that the kingdom is not going to let the imbalance get too out of hand." Saudi Arabian production is viewed as a barometer of market conditions since the country, due to its significant spare output capacity, is the only producer able to act as unofficial swing producer. Iraqi output fell to 2.98 million b/d in December from 3.23 million b/d in November, a drop of some 250,000 b/d.
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