Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
SUNDAY, 20 APR 2014
12:01 PM Beirut time
Weather    
Beirut
22 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
OPEC output drops to lowest in a year on Saudi cuts
Bloomberg
Iraq's Minister of Oil and President of the Organization of the Petroleum Exporting Countries (OPEC) conference, Abdul-Kareem Luaibi Bahedh (2R) and OPEC Secretary General Abdalla Salem El-Badri. (AFP PHOTO / ALEXANDER KLEIN)
Iraq's Minister of Oil and President of the Organization of the Petroleum Exporting Countries (OPEC) conference, Abdul-Kareem Luaibi Bahedh (2R) and OPEC Secretary General Abdalla Salem El-Badri. (AFP PHOTO / ALEXANDER KLEIN)
A+ A-

The Organization of Petroleum Exporting Countries pumped at the lowest level in a year in December on reduced output from Saudi Arabia and Iraq, its two largest producers, the International Energy Agency said.

Production from OPEC’s 12 members, which together supply about 40 percent of the world’s oil, fell to 30.64 million barrels a day in December, from 30.9 million the previous month, the Paris-based IEA said. Output exceeded the group’s quota target of 30 million barrels a day.

Saudi Arabia, the world’s largest crude exporter, reduced production to 9.36 million barrels a day last month, from 9.65 million in November, the agency said Friday in its monthly Oil Market Report.

The kingdom’s output was “down 600,000 barrels a day from October’s lofty 9.95 million barrels a day, when crude exports surged to China,” it said. “The downturn in production reflects a myriad of fundamental developments, not least of which is the country’s sharply lower seasonal domestic demand.”

Supply from Iraq, the group’s second-largest producer, fell for the first time in five months, the agency said. It pumped 2.97 million barrels a day, 7 percent less than in November. Iraq’s output remained higher than Iran’s for a seventh month.

Nigeria’s monthly output increased to 2.1 million barrels a day from November’s 1.88 million. Production in the country rebounded after the end of the rainy season, which had caused the worst flooding in about 50 years, the IEA said.

 
A version of this article appeared in the print edition of The Daily Star on January 19, 2013, on page 4.
Home Middle East
 
     
 
OPEC / Qatar / Oil & Gas
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Saturday April 19, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Why Israeli-Palestinian talks fail
Michael Young
Michael Young
Why confuse gibberish with knowledge?
David Ignatius
David Ignatius
Echoes of 1914 characterize the Ukraine crisis
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS