Not much demand destruction showing up here. Saudis set price and let quantity adjust to world demand. Can take a few months to show up due to the ‘supply chain’ that can expand and contract.
OPEC’s Oil Output fell 0.2% in October, Survey Shows
New York, Nov. 3 (Bloomberg) — Crude-oil production from the 13 OPEC
members in October declined 70,000 barrels a day from September, the latest
Bloomberg survey of producers, oil companies and industry analysts shows.
Figures are in the thousands of barrels a day.
Opec Production
October 2008
October 2008
| Opec Country | October Est. | Sept. Monthly Output | Nov. 1 Change | Est. vs. Target | Est. Target | Est. Cap. (@) |
| Algeria | 1,400 | 1,400 | 0 | 1,286 | 114 | 1,450 |
| Angola | 1,875 | 1,800 | 75 | 1,801 | 74 | 2,000r |
| Ecuador | 500 | 500 | 0 | 493 | 7 | 500 |
| Indonesia* | 850 | 865 | -15 | a’ | a’ | 900 |
| Iran | 3,900 | 3,950 | -50 | 3,618 | 282 | 4,100 |
| Iraq* | 2,235 | 2,165r | 70 | — | — | 2,500 |
| Kuwait# | 2,600 | 2,580r | 20 | 2,399 | 201 | 2,650 |
| Libya | 1,750 | 1,720 | 30 | 1,623 | 127 | 1,800r |
| Nigeria | 1,920 | 1,940r | -20 | 2,050 | -130 | 2,500r |
| Qatar | 870 | 870r | 0 | 785 | 85 | 900 |
| Saudi Arabia# | 9,350 | 9,450 | -100 | 8,477 | 873 | 10,800 |
| U.A.E | 2,580 | 2,650 | -70 | 2,433 | 147 | 2,800 |
| Venezuela | 2,350 | 2,360 | -10 | 2,341 | 9 | 2,500 |
| Total OPEC-13 | 32,180 | 32,250r | -70 | — | — | 35,400r |
| Total OPEC-11* | 29,095 | 29,220r | -125 | 27,308 | 1,787 | 32,000r |
*Quotas effective Nov. 1, 2008. OPEC agreed at its Oct. 24 meeting to cut
its quota target by 1.5 million barrels a day, to 27.308 million barrels
daily from Nov. 1. The new target excludes Iraq, which has no formal quota,
and Indonesia who leaves OPEC at year-end.
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