OPEC TEN Crude Output Fell 80,000 b/d in October to 27.73 Million b/d
Including Iraq, which does not participate in output pacts and whose production and exports tend to fluctuate, total OPEC output was 29.75 million b/d in October compared with 29.95 million b/d in September, the survey showed.
Iraq, whose October volumes dropped to 2.02 million b/d from September's 2.14 million b/d, accounted for the bulk of the 200,000 b/d drop in overall output, with smaller decreases of 50,000 b/d coming from Iran, 30,000 b/d from Saudi Arabia, and 10,000 b/d each from Kuwait and Venezuela.
Production was largely unchanged in Indonesia, Nigeria, Qatar and the UAE, while Algeria and Libya showed small increases of 10,000 b/d each.
OPEC agreed at emergency talks in Qatar on October 19-20 to remove 1.2 million b/d of excess supply from world oil markets. The group said the cuts would be made from a baseline level of 27.5 million b/d which, it said, represented actual OPEC-10 output in September. The group said it was targeting production of 26.3 million b/d from the beginning of November. It listed the cut volume for each country, but did not give the starting points for individual cuts or give individual target output levels.
"As the latest estimates show, OPEC-10 production levels have not changed much in October," said John Kingston, Director of Oil at energy news service Platts. "The big question now is whether the group will be able to achieve anything like the 1.2 million b/d cut it has pledged to implement from the beginning of November. One of the difficulties for OPEC watchers is the fact that few countries have given precise details of how they are going to cut production."
Country October September August July June Quota* Algeria 1.370 1.360 1.350 1.350 1.350 0.894 Indonesia 0.860 0.860 0.860 0.900 0.920 1.451 Iran 3.900 3.950 3.950 3.870 3.790 4.110 Iraq 2.020 2.140 2.000 2.060 2.120 N/A Kuwait 2.530 2.540 2.540 2.540 2.540 2.247 Libya 1.730 1.720 1.710 1.700 1.690 1.500 Nigeria 2.300 2.300 2.300 2.200 2.350 2.306 Qatar 0.830 0.830 0.830 0.820 0.820 0.726 Saudi Arabia 9.070 9.100 9.280 9.250 9.250 9.099 UAE 2.600 2.600 2.600 2.600 2.570 2.444 Venezuela 2.540 2.550 2.490 2.400 2.550 3.223 Total 29.750 29.950 29.910 29.690 9.950 N/A OPEC-10 27.730 27.810 27.910 27.630 27.830 28.000 * These notional quotas were set in June 2005.
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