OPEC oil output rises in Dec – Reuters survey

LONDON, Jan 4 (Reuters) – OPEC oil production rose last month beyond the rate targeted in a deal to boost output, led by a rebound in supply in the United Arab Emirates, a Reuters survey showed on Friday.

OPEC’s 10 members bound by output targets, all except Iraq, Angola and Ecuador, pumped 27.39 million barrels per day, up 410,000 bpd from November, according to the survey of oil firms, OPEC officials and analysts.


The estimate indicates that the exporter group is more than delivering on a deal to boost supply from Nov. 1 in a gesture to consumer nations worried by oil prices that this week hit $100 a barrel for the first time.

OPEC, source of more than a third of the world’s oil, agreed in September to raise production by the 10 countries to 27.25 million bpd from Nov. 1, an increase of 500,000 bpd.

Reuters