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Page added on January 11, 2011
OPEC: a big increase in output
Platts’ monthly survey of OPEC output, which can be found here, showed a significant increase in December compared to November. Saudi Arabia increased its output; so did Iran and Iraq. Even Venezuela showed a slight upturn.
Given the tight supply/demand balance at present, with OPEC output up until recently at levels less than the OPEC call — the amount of OPEC production needed to keep inventories flat — this higher output will prove to be welcome news for consumers.
5 Comments on "OPEC: a big increase in output"
Rick on Tue, 11th Jan 2011 8:29 am
Sounds like spin to me.
Kenz300 on Tue, 11th Jan 2011 11:25 pm
The increasing demand by China and India for energy will soon outstrip available supply raising prices for all.
Those 2 billion + people are getting off their bicycles and scooters and getting into cars.
Tom Coburn on Wed, 12th Jan 2011 2:24 am
Before we get all “lathered up” about a one month increase of 170,000 b/d out of 29.27 million b/d, let’s wait a few months and see if this trend continues.
Ian Cooper on Thu, 13th Jan 2011 5:34 am
To me it sounds like they pulled out all the stops in an effort to try to create a new 2010 peak so as to make all the peak oil folks look silly. Seems like the effort failed.
Gilles Fecteau on Fri, 14th Jan 2011 4:55 am
29. mb/d is still less than the over 30 from 2004 to 2009. The peak in 2008 was 32.48 mb/d
see: http://www.eia.doe.gov/aer/txt/ptb1105.html