OPEC output edges up 20,000 b/d to 31.17 mil b/d in Oct: Platts survey
London (Platts)--9Nov2012/650 am EST/1150 GMT
OPEC crude output edged up by 20,000 b/d to 31.17 million b/d in October
from 31.15 million b/d in September, a Platts survey of OPEC and oil industry
officials and analysts showed Friday.
A drop of 50,000 b/d in Nigeria was more than offset by small increases
in Angola, Iraq and Libya, the survey found.
Iranian volumes, which have dropped steadily in recent months as
sanctions imposed by the US and EU took their toll on exports, were stable at
2.72 million b/d in October.
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OPEC's four Gulf Arab producers maintained volumes at levels similar to
those of September, the survey found, while a further increase in exports
took Iraqi output to 3.21 million b/d.
The 1.5 million b/d estimate of Libyan production, representing a 20,000
b/d increase from September, puts the country within 100,000 b/d of
The October total leaves OPEC exceeding its 30 million b/d output
ceiling, agreed in December last year and extended in June, by more than 1
Ministers are scheduled to review the current production agreement at
December 12 talks in Vienna. They have yet to give any indication of the
likely outcome of the meeting.
OPEC published its annual World Oil Outlook on Thursday, in which it
expects demand for its crude to remain flat over the next five years because
higher non-OPEC liquids, including US shale oil, will take the lion's share
of expected increases in world oil demand.
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