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03-12-14

OPEC oil output falls in November on Libya's decline in production

(MENAFN) OPEC registered a fall in its oil supply by 340,000 barrels per day (bpd) during November due to a decline in Libya's production as the country continues to deal with an unstable political situation, Gulf Times reported.

The Organization of the Petroleum Exporting Countries' (OPEC) supply averaged 30.30 million bpd in November, declining from 30.64 million bpd which was registered in October, thus registering the second fall in supply after September's 30.84 million bpd, which was the highest number registered since November 2012.

Libya's reduction in supply, which fell by 150.000 bpd, was not the only member that registered a decline in its production levels, with Angola also registering a decline by 140.000 bpd in its supply as a result of maintenance at Total's Girassol field, as well as Kuwait and Qatar, which both registered a decline due to maintenance work and planned work, respectively.

Meanwhile, Iraq registered an increase in its supply due to higher exports from the country's southern terminals, with expectations that the country's exports would continue to rise further in December as Kirkuk shipments resume.

These figures come after the organization made the decision not to cut production despite the fall in oil prices, which reached to their lowest price in five years, and to retain its output target of 30 million bpd, despite its own forecast of a surplus in supply and a number of its members asking for production levels to be cut.

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