Saudi production falls

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Saudi’s production falls as they work to regain control of price after the Great Masters Inventory Liquidation runs its course.

OPEC Oil Output Fell 1.5% in December, Survey Shows

by Diane Munro and Margot Habiby

Jan. 6 (Bloomberg) &#8212 Crude-oil production from the 13 OPEC members in December declined 475,000 barrels a day from November, the latest Bloomberg survey of producers, oil companies and industry analysts shows. Figures are in the thousands of barrels a day.

Opec Production
December 2008

Opec Country Dec Est. Nov. Output Monthly Change Nov. 1 Target Est. vs. Target Est. Cap. (@)
Algeria 1,330 1,360r -30 1,286 44 1,450
Angola 1,820 1,850 -30 1,801 19 2,000
Ecuador 500 500 0 493 7 500
Indonesia* 840 850 -10 — — 900
Iran 3,850 3,820 30 3,618 232 4,100
Iraq* 2,345 2,320 25 — — 2,500
Kuwait# 2,500 2,550 -50 2,399 101 2,650
Libya 1,690 1,710 -20 1,623 67 1,800
Nigeria 1,900 1,880 20 2,050 -150 2,500
Qatar 790 790 0 785 5 900
Saudi Arabia# 8,400 8,800r -400 8,477 -77 10,800
U.A.E 2,350 2,350 0 2,433 -83 2,800
Venezuela 2,320 2,330 -10 2,341 -21 2,500
Total OPEC-13 30,635 31,110r -475 — — 35,400
Total OPEC-11* 27,450 27,940r -490 27,308 142 32,000

*Quotas effective Nov. 1, 2008. OPEC agreed at its Dec. 17 meeting in Algeria to cut its quota target by 2.463 million barrels a day from the previous level, to 24.845 million barrels daily from Jan. 1. The quota target excludes Iraq, which has no formal quota, and Indonesia which left OPEC at end-2008.

>   
>   On Thu, Jan 8, 2009 at 9:56 AM, David wrote:
>   
>   I honestly don’t like or trust a lot of the “World
>   Oil Demand” stats that many people look at.
>   I think perhaps the EIA/DOE figures compiled
>   below are most realistic, if not a bit lagged.
>   Seems to show steady decline in US/OECD,
>   rising China and flat/rising ME and rest. Wish
>   they had an India bucket to be frank, have
>   requested a few times already.
>   

Thanks, still looks like the world is reasonably close to the edge, and any pickup in world economic activity could be problematic.

Saudi Production (Dec)


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