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2017-01-05 20:10:00

OPEC PRODUCTION DOWN 310 TBD

OPEC PRODUCTION DOWN 310 TBD

BOE - OPEC's crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group's supply before deliberate cuts take effect this month.

Nigeria's daily output dropped by 200,000 barrels to 1.45 million in December, ending three months of gains as the African nation struggled to restore capacity after a year of militant attacks on oil infrastructure. Saudi Arabia's production fell by 50,000 barrels a day while Venezuela declined by 40,000.

"Crude production in Nigeria in December was once again severely impacted, mostly due to a field maintenance as well as a strike of port workers," Amrita Sen, chief oil analyst at London-based consultant Energy Aspects Ltd., said by e-mail.

The decline in December comes as OPEC, which controls around 40 percent of global supply, is planning to curb output in a bid to boost oil prices. The organization reached a historic deal last month with Russia and other non-members to cut global production by almost 1.8 million barrels a day starting this month.

Brent crude, the global benchmark, advanced 52 percent last year, the biggest annual gain since 2009. Prices were down 0.3 percent at $56.31 a barrel as of 6:39 a.m. London.

Overall, the Organization of Petroleum Exporting Countries — excluding Indonesia which suspended its membership on Nov. 30 — pumped 33.1 million barrels a day in December, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That compares with a November total of 33.41 million barrels a day for the 13 continuing members of the group, or 34.14 million including Indonesia's daily output of 730,000 barrels.

Under the terms of last month's agreement, OPEC's total output including Indonesia would fall to 32.5 million barrels a day. Compliance with that target will be judged against on independent estimates compiled by OPEC, which can vary from the Bloomberg News survey.

NIGERIA DISRUPTION

In Nigeria — which along with Libya is exempt from making cuts because of conflict — maintenance on the Erha field and strike action by workers at Exxon Mobil Corp.'s operations in the country disrupted both exports and production, Sen said. A year ago, the country was pumping almost 2 million barrels a day.

No cargoes of the Agbami crude grade were shipped in first half of December, while three out of the four Erha cargoes originally scheduled to load were deferred, with two of those moved into January, according to loading programs obtained by Bloomberg.

Iran, Kuwait and Angola each reduced output by 20,000 barrels a day while Algeria and Iraq dropped by 10,000, the survey showed.

Libya pumped an extra 50,000 barrels a day last month as the Northern African reopened two of its biggest oil fields and loaded the first cargo in two years from its largest export terminal.

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Earlier:

OPEC: 

OPEC: IMPORTANT DECISION 

OPEC CUTS OIL 

OPEC OIL RECORD: 33.86 MBD 

OPEC - RUSSIA DEAL 

OPEC WILL CUT 1.2 MBD

 

RUSSIA: 

RUSSIA CUTS PRODUCTION BY 2.5% 

RUSSIA SANCTIONS EVERMORE 

SAUDI - RUSSIAN ALLIANCE 

THE HOPE OF RUSSIA'S ECONOMY 

IMF: EXTERNAL RISKS FOR RUSSIA

 

 

 

Tags: OPEC, OIL, PRODUCTION, PRICES

Chronicle:

OPEC PRODUCTION DOWN 310 TBD
2018, June, 20, 12:45:00

NORWAY'S OIL PRODUCTION 1.629 MBD DOWN 236 TBD

NPD - Preliminary production figures for May 2018 show an average daily production of 1 629 000 barrels of oil, NGL and condensate, which is a decrease of 236 000 barrels per day compared to April.

OPEC PRODUCTION DOWN 310 TBD
2018, June, 20, 12:40:00

LIBYA'S OIL PRODUCTION DOWN 400 TBD

PLATTS - Libyan crude production has fallen around 400,000 b/d -- or nearly halved -- due to militia attacks on the eastern oil terminals of Ras Lanuf and Es Sider, the head of the country?s National Oil Corp. said Tuesday.

OPEC PRODUCTION DOWN 310 TBD
2018, June, 20, 12:35:00

VENEZUELA'S OIL PRODUCTION DOWN

PLATTS - Venezuela's crude output averaged 1.36 million b/d in May, down from 1.41 million b/d in April, and 1.9 million b/d in May 2017, according to S&P Global Platts. The International Energy Agency said it could fall to 800,000 b/d or even lower next year.

OPEC PRODUCTION DOWN 310 TBD
2018, June, 20, 12:30:00

NIGERIAN OIL SALES

PLATTS - Nigerian oil has been slow to sell this month as bidders for the country's July-loading heavy and light sweet crudes have been absent from the market. Market participants pegged the amount of unsold Nigerian barrels loading in July at 20 million-34 million barrels, amounting to roughly 40%-75% of what is produced in a month.

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