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Latest News

OPEC oil supply falls in November – Reuters survey

Compliance with supply curbs up to 56 pct - Reuters survey.

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November 29, 2010 4:33 by



OPEC reduced supplies of crude oil a little in November as damage to a pipeline disrupted Nigerian exports and as several other oil producers trimmed deliveries, a Reuters survey showed on Monday.

Supply from the 11 members of the Organization of the Petroleum Exporting Countries with output targets, all except Iraq, has averaged 26.70 million barrels per day (bpd) this month, down from 26.79 million bpd in October, according to the survey of oil companies, OPEC officials and analysts.

The decrease reflected reductions from Nigeria, Venezuela, Saudi Arabia, the United Arab Emirates, Qatar and Angola.

The survey found that the 11 members bound by the OPEC output agreement — all except Iraq — met 56 percent of their promised supply reduction in November, up 2 percentage points from October.

Total OPEC supply including Iraq was down 70,000 bpd, according to the survey.

(Reporting by Alex Lawler and Christopher Johnson; editing by William Hardy)



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