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2016-12-09 18:40:00

OPEC OIL RECORD: 33.86 MBD

OPEC OIL RECORD: 33.86 MBD

PLATTS - OPEC crude oil production for November rose for the sixth straight month, to a record 33.86 million b/d, an S&P Global Platts survey showed Wednesday, largely on the return of Angola's Dalia field from maintenance and recovery in war-torn Libya.

The November production figure was a 320,000 b/d rise from October output and illustrates the challenge OPEC faces implementing a production cut it finalized in Vienna last week with the aim of accelerating the global oil market's rebalancing.

Many members appear to be pumping at or close to their full capacity to maximize revenues before the OPEC deal goes into force January 1.

Under that plan, the organization will, for six months, cut 1.2 million b/d from its October output level, as calculated by an average of OPEC's six secondary sources, including Platts, and freeze production at around 32.5 million b/d.

Saudi Arabia, which has committed to holding its output at 10.046 million b/d, saw its November production drop slightly to 10.52 million b/d, indicating it has a way to go before complying with its target.

Exports of Saudi crude have been high in recent months and output has defied the usual seasonal decline, even with the peak summer air conditioning season long over, though experts say they expect the country to return to more typical winter consumption patterns to comply with the production cut.

Iraq, OPEC's second largest producer, saw November output hold steady at 4.56 million b/d. The country had disputed secondary source estimates of its production as too low and sought an exemption from the OPEC cuts due to its war against the Islamic State.

But Iraq ultimately agreed to the OPEC plan, which calls for the country to bring production down to 4.351 million b/d, as calculated by secondary sources.

Iran, meanwhile, raised its November production slightly from October to 3.69 million b/d. Iran, which also sought an exemption from the cuts as it aimed to regain its pre-sanctions market share, is allowed to produce up to 3.797 million b/d under the OPEC plan.

DISRUPTIONS AND RECOVERIES

Angola showed the biggest rise in production for November, but that was expected as its key Dalia field, which produces around 200,000-250,000 b/d, was scheduled to come back online after going down for maintenance for all of October.

Angola's November production was 1.7 million b/d, up 230,000 b/d from October, with small declines in export volumes offsetting the return of Dalia. Its output target of 1.673 million b/d under the OPEC plan is based on its September level, before Dalia went into maintenance.

Nigeria, exempt from the OPEC cuts as it battles militancy in the Niger Delta, saw its production remain at 1.68 million b/d in November, unchanged from October. The loss of production of key export grade Forcados, which saw a major pipeline bombed in early November, was offset by increased exports of other grades.

Traders say they expect Forcados production to remain offline for a while, with no signs of a January loading program, and the oil-rich Niger Delta remains unstable and sensitive, with chances of more militant attacks on oil infrastructure high.

Libya, also exempt from the cuts, averaged 580,000 b/d in November, up 50,000 b/d from October, as it continues to find its footing after years of civil war.

The country had been producing 600,000 b/d at the beginning of the month, according to state-owned National Oil Corporation, but a power outage November 23 caused output to fall to 523,000 b/d.

Venezuela was the only OPEC member other than Saudi Arabia to see a fall in production, as November output slid to 2.07 million b/d amid the country's economic crisis.

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Earlier:

OPEC: 

OPEC - RUSSIA DEAL 

OPEC PRODUCTION TARGET 32.5 MBD 

OPEC WILL CUT 1.2 MBD 

INDONESIA LEAVES OPEC 

OPEC CAN CUT

 

SAUDI: 

SAUDI PAID $10.7 BLN 

IRAN - SAUDI COMPETITION 

RUSSIA - SAUDI COMPETITION 

SAUDI'S IPO $2 TLN 

SAUDI'S OIL RECORD

 

IRAN: 

IRAN - INDONESIA COLLABORATION 

IRAN'S OIL BENEFITS: 3.9 MBD 

PERGAS INVESTMENT TO IRAN 

IRANIAN - IRAQI REDUCTION 

ATTRACTIVE IRAN

 

IRAQ: 

IRAQ'S OIL BENEFITS 

IRAQ'S THREE PROPOSALS 

IRAQ: OUT OF DEAL 

IRAQ WANTS 9 MBD 

IRAQ WANTS MORE

 

LIBYA: 

LIBYA WON'T CUT 

LIBYA CAN INCREASE 

LIBYA RISES PRODUCTION 

LIBYA'S OIL PRODUCTION: 300 TBD 

LIBYA HAS STARTED

 

NIGERIA: 

INDIA - NIGERIA: MORE OIL 

NIGERIAN OIL CRISIS 

NIGERIA INTO RECESSION 

NIGERIA'S OIL SETTLEMENT: $5.1 BLN 

NIGERIAN OIL WILL UP TO 3 MBD

 

ANGOLA: 

TOTAL FOR ANGOLA: 2 BLN BBL 

TOTAL DRILLS ANGOLA 

ANGOLA: WEALTH FOR THE ELITE 

ANGOLA: OIL $16B 

STATOIL WILL START ANGOLA

 

VENEZUELA: 

VENEZUELA & CHINA: $50 BLN 

CHINA & VENEZUELA COOPERATION 

VENEZUELA NEED MONEY 

VENEZUELA'S OIL DOWN 

BRAZIL & VENEZUELA IN SHOCK

 

 

 

 

 

Tags: OPEC, OIL, PRODUCTION

Chronicle:

OPEC OIL RECORD: 33.86 MBD
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

OPEC OIL RECORD: 33.86 MBD
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

OPEC OIL RECORD: 33.86 MBD
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

OPEC OIL RECORD: 33.86 MBD
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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