The Organization of the Petroleum Exporting Countries at a November
meeting decided to focus on market share rather than cutting output,
despite concerns from members such as Iran and Venezuela about
falling oil revenue.
Supply from OPEC has averaged 30.37 million barrels per day (bpd) in
January, up from a revised 30.24 million bpd in December, according
to the survey based on shipping data and information from sources at
oil companies, OPEC and consultants.
At the Nov. 27 meeting, OPEC retained its output target of 30
million bpd, sending oil prices to a four-year low close to $71 a
barrel. Crude <LCOc1> since fell to a near six-year low of $45.19 on
Jan. 13 and was trading above $49 on Friday.
OPEC Secretary General Abdulla al-Badri, speaking in London on
Monday, defended the no-cut strategy and said prices may have
reached a floor, despite oversupply. Other OPEC delegates have since
echoed this message.
![](http://archives.lincolndailynews.com/2015/Jan/30/images/ads/current/Hallies_sda_010615.png)
"Prices are stabilizing," said a delegate from a Gulf producer. "But
the world economy is not very strong and stocks are too high."
The largest boost this month has come from Angola, which pumped 1.80
million bpd and exported about 57 cargoes, up 160,000 bpd from
December. Output would have been higher without some cargo delays,
including of new crude Sangos.
OPEC's other West African producer, Nigeria, also managed to boost
exports, the survey showed, although the increase was restrained by
outages of the Forcados and Nembe Creek pipelines.
Smaller increases have come from Kuwait, Qatar and the United Arab
Emirates.
Output in top OPEC exporter Saudi Arabia has been flat to slightly
higher, sources said. Saudi Aramco Chief Executive Khalid al-Falih
said on Tuesday production was currently at 9.8 million bpd,
although it was unclear if that was the daily rate or the January
average.
[to top of second column] |
![](../images/ads/current/demay_inv-lda081412.png)
"Steady is what I'm seeing," said an industry source who tracks
Saudi supply. "Exports are a bit lower and this is most likely
offset by slightly higher refinery runs."
The largest reduction this month has come from Iraq, where southern
oil exports slipped from December's record high and flows from
northern Iraq also declined, according to loading data and an
industry source.
Exports are likely to hit new records in coming months, technical
problems and weather delays permitting. A loading program schedules
record southern exports in February.
OPEC's other country with a notable decline in output this month is
Libya, where ports and oilfields have been shut due to fighting and
supply fell further in January to 350,000 bpd.
For a table on OPEC oil output, click on
(Reporting by Alex Lawler, editing by David Evans)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
![](http://archives.lincolndailynews.com/2015/Jan/30/images/ads/current/business_directory_filler.png)
![](http://archives.lincolndailynews.com/2015/Jan/30/images/ads/current/business_directory_lda.png) |