OPEC Boosts Supply as Libyan Output Rebounds
Libya, Saudi Arabia, Angola, and Nigeria upped their crude production in November, more than offsetting cuts in supply from Algeria, Venezuela, and the United Arab Emirates.
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The 11 members of the Organization of Petroleum Exporting Countries bound by quotas produced 27.687 million barrels a day in November — up 1.8 percent from 27.187 million barrels in October.
Saudi Arabia increased output in November by 1.9 percent to 9.597 million barrels a day. Libya increased output by 64 percent to 570,000 barrels a day as the country resumed production after a civil war decommissioned many oil facilities and temporarily ended oil exports.
Angola increased output by 6 percent to 1.833 million barrels a day, while Nigeria increased output by 4.1 percent to 2.077 million barrels a day.
Algeria reduced production by 1.6 percent to 1.239 million barrels a day and the United Arab Emirates cut production by 2 percent to 2.515 million barrels a day.
The Saudi production figured used in the OPEC report is smaller than that provided by Saudi Arabian Oil Minister Ali al-Naimi, who said yesterday the kingdom pumped 10.047 million barrels a day in November.
Members are currently exceeding OPEC’s quota by 11 percent, and yet the group is likely to stick to the 3-year-old ceiling, which has survived eight meetings since December 2008, when the group announced record supply cuts.
OPEC, which provides about 40 percent of the world’s crude, announced huge supply cuts in late 2008 amid a collapse in global demand, capping production at a combined 24.845 million barrels a day for all members except Iraq.
Including Iraq, OPEC’s output increased by 1.9 percent last month to 30.367 million barrels a day. The group’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. The only country exempt from the quota system is Iraq.
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