OPEC output reaches 3 year high, shows survey
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Wed February 1, 2012 9:32 am

INTERNATIONAL. Oil production in January by the Organization of Petroleum Exporting Countries rose to the highest level in more than three years, led by a rebound in Libyan output, a Bloomberg News survey showed.

Production increased 183,000 barrels, or 0.6%, to an average 30.9 million barrels a day in January from a revised 30.717 million the prior month, according to the survey of oil companies, producers and analysts.

Output was at the highest level since November 2008. The December total was revised higher by 50,000 barrels a day.

OPEC decided at a December 14 meeting in Vienna to increase its production ceiling to 30 million barrels a day, the first change in three years. The new target is for all members of the group, including Iraq, which had previously been exempt from monthly targets. The group will review quotas at its next meeting, scheduled for June 14.

Libyan output rose 225,000 barrels to 925,000 a day this month, the highest level since February, the survey showed. Production in the country had tumbled to 45,000 barrels a day in August from 1.585 million barrels a day in January 2011, the last month before an uprising that overthrew the government of Muammar Qaddafi disrupted output.

Saudi Arabia, OPEC’s biggest producer, decreased output by 50,000 barrels to 9.65 million barrels a day in January. December production was revised 50,000 barrels a day higher.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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