Global Leader in International Oil and Gas Industry News

posted in:

OPEC Pumps 30.83 Million Barrels of Crude Oil Per Day in December

Tuesday, Jan 17, 2012

LONDON, Jan. 16, 2012 /PRNewswire/ -- The Organization of the Petroleum Exporting Countries' (OPEC) crude oil output averaged 30.83 million barrels per day (b/d) in December, up 230,000 b/d from estimated November output of 30.6 million b/d, a just-released Platts survey of OPEC and oil industry officials and analysts showed.

The biggest single increase came from Libya, whose efforts to restore production toward pre-uprising levels saw output rise to 800,000 b/d from 550,000 b/d in November, the survey showed.

"The increase in production last month was all about Libya, with only minor changes from other OPEC members," said John Kingston, Platts global director of news. "Libyan output is still only halfway back to where it was before last year's uprising, but total OPEC supply is already 830,000 b/d greater than the group's new output production ceiling, which only came into force at the start of this month."

Other increases came from Saudi Arabia, whose output climbed by 100,000 b/d to 9.8 million b/d in November, and the United Arab Emirates (UAE), where production rose to 2.55 million b/d from 2.51 million b/d in November.

The Platts survey estimated output drops totalling 160,000 b/d from Angola, Iran, Iraq, Nigeria andVenezuela.

The December estimate is already 830,000 b/d greater than OPEC's new 30-million- b/d output ceiling agreed last month in Vienna and which came into force on January 1.

Ministers meeting on December 14 formally overturned the previous target of 24.845 million b/d, which was agreed in late 2008 when oil prices were plunging amid a deepening recession. The old production target did not cover Iraq, whose quotas had become largely notional.

The new ceiling covers all 12 members but does not set individual quotas. In its official communique, OPEC said member countries had agreed to reduce output voluntarily if it became necessary.

For production numbers by country, click here. You may be prompted for a cost-free one-time-only log-in registration. 

Platts OPEC and oil experts are available for media interviews; please consult Platts Media Center to schedule an interview. For other oil, energy and related information, visit

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets.  Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency.  Customers in more than 150 countries benefit from Platts' coverage of the carbon emissionscoalelectricityoil, natural gasmetalsnuclear powerpetrochemical, and shipping markets.  A division of The McGraw-Hill Companies (NYSE: MHP), Platts is headquartered in New York with approximately 900 employees in 15 offices worldwide. Additional information is available at .

About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide.  McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates.  With sales of $6.2 billion in 2010, the Corporation has approximately 21,000 employees across more than 280 offices in 40 countries.  Additional information is available at


To access over 2,500 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

Silver Fox® labels exhibit excellent results in latest long-term UV tests 16-04-2014
OMVS explores adding oil & gas transportation services 16-04-2014
Octagon 88 Resources announces Red Earth light oil project update 16-04-2014
Dejour sees 60% increase in net production at Woodrush 16-04-2014
Integrated Oceaneering team combines technologies for Australian success 16-04-2014
SoCalGas Unveils Branded, Public-Access Compressed Natural Gas Refueling Station 16-04-2014
First Liquified Natural Gas Tank Rolls Off Assembly Line 16-04-2014
Barryroe farm out update 16-04-2014
Gastar Exploration Resumes Unrestricted Marcellus Shale Production 16-04-2014
Lamprell has received a new contract award for the construction and delivery of two Mobile Offshore Drilling Platforms 16-04-2014