OPEC’s crude production rose in November as higher output from Libya, Saudi Arabia, Angola and Nigeria offset cuts in supply from Algeria, Venezuela and the United Arab Emirates, the group’s secretariat said.
The 11 members of the Organization of Petroleum Exporting Countries bound by quotas produced 27.687 million barrels a day in November, Vienna-based OPEC said today in its monthly oil market report. Production climbed 1.8 percent from 27.187 million barrels in October, OPEC said, citing secondary sources for the data.
Saudi Arabia increased output last month by 1.9 percent to 9.597 million barrels a day, Libya by 64 percent to 570,000 barrels a day, Angola by 6 percent to 1.833 million barrels a day and Nigeria by 4.1 percent to 2.077 million barrels a day, the report said. Algeria reduced production by 1.6 percent to 1.239 million barrels a day, and the United Arab Emirates cut by 2 percent to 2.515 million barrels a day, according to OPEC.
The Saudi production figure for November in the 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 last month. Naimi, arriving in Vienna for a meeting of OPEC ministers on Dec. 14, said he was happy with the group’s current oil production amid demand from “all over.”
OPEC will probably fail to set a target that more closely matches production, according to all but five of 26 traders and analysts surveyed by Bloomberg News from Dec. 6 to Dec. 8. Instead, the group OPEC is likely to stick with a 3-year-old ceiling that members are exceeding by 11 percent. OPEC has kept its quota unchanged at eight meetings since December 2008, when the group announced record supply cuts.
OPEC, provider of about 40 percent of the world’s crude, announced its biggest-ever supply cuts in late 2008 amid a collapse in global demand. The decision capped production at 24.845 million barrels a day for all members except Iraq.
OPEC’s output including Iraq increased by 1.9 percent to 30.367 million barrels a day in November, the report said. Iraq is exempt from the quota system. The group’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.