OPEC’s December production slips

Survey: Output hits lowest level since May, falls to 29.81M bpd on fewer Saudi Arabia, Iraq exports.

LONDON (Reuters) – OPEC’s oil output in December fell to its lowest level since May as Saudi Arabia cut output and Iraqi exports slumped, a Reuters survey showed.

Output from the Organization of the Petroleum Exporting Countries fell 180,000 bpd to 29.81 million bpd.
Saudi Arabia cut production by 150,000 bpd to about 9.4 million bpd as buyers in the U.S. requested less crude ahead of shutdowns for spring refinery maintenance, according to the survey of consultants, shippers, industry and OPEC sources.

A heavy round of maintenance is due to start toward the end of the first quarter after some U.S. refiners delayed work in the autumn to compensate for hurricane-related outages on the U.S. Gulf Coast.

Iraq’s exports fell to their lowest level since the 2003 war at 1.08 million bpd, down from 1.21 million bpd in November. Bad weather, technical problems and pipeline sabotage combined to reduce Iraq’s shipments.

Reuters