• 5 hours UK On Track To Approve Construction of “Mini” Nuclear Reactors
  • 9 hours LNG Glut To Continue Into 2020s, IEA Says
  • 11 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 14 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 16 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 17 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 4 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 4 days New Video Game Targets Oil Infrastructure
  • 4 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 5 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 5 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 5 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 6 days Conflicting News Spurs Doubt On Aramco IPO
  • 6 days Exxon Starts Production At New Refinery In Texas
  • 6 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 7 days China To Take 5% Of Rosneft’s Output In New Deal
  • 7 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 7 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 7 days VW Fails To Secure Critical Commodity For EVs
  • 7 days Enbridge Pipeline Expansion Finally Approved
  • 7 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 7 days OPEC Oil Deal Compliance Falls To 86%
Are Combustion Engines Reaching Peak Demand?

Are Combustion Engines Reaching Peak Demand?

As countries announce plans to…

Major Oil Traders See Upside For Oil Prices

Major Oil Traders See Upside For Oil Prices

The world’s oil trading majors…

OPEC Oil Output Falls From Record Highs

OPEC Rig

A newly released survey by Reuters indicates that OPEC oil output in December fell from its record high - for the first time since May - falling to 34.18 million barrels per day, down from 34.38 million in November. This is supported by a tweet from a Wall Street Journal reporter that the Saudis have already cut output to honor the OPEC pledge.

WSJ reporter Georgi Kantchev tweeted on Thursday that Saudi Arabia has already cut oil output by at least 486,000 barrels per day to 10.058 million barrels per day. Kantchev cited an unnamed and undescribed source in his tweet.

The Reuters survey, based on shipping data and industry sources, noted that OPEC—as of December—was pumping 1.68 million barrels per day above the 32.5 million production ceiling agreed to at the 30 November meeting, effective 1 January 2017.

The biggest output drop came from Nigeria, where the government is facing down Niger Delta militants targeting oil installations.

Saudi Arabia also pumped less, according to the survey, after seeing record output in November. The reason for lower Saudi oil exports in December was lower demand, rather than an effort to make cuts.

On the flip side, Libya, which along with Nigeria is exempt from the November deal cuts, saw an increase in output, as did Iraq. Iran also put out 300,000 barrels per day more, according to the survey.

Related: Why Russia Expects $40 Oil This Year

Earlier today, news agencies reported that Saudi’s state-owned Saudi Aramco had launched talks about cutting between 3 percent and 7 percent of its February crude shipments in line with the Kingdom’s commitment to cut output by 486,000 barrels per day.

Iraq oil officials also said today that they had implemented output cuts as of 1 January, but offered no further details.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News