OPEC reaches lowest level of output
Azerbaijan, Baku, Jan.15 / Trend A.Badalova /
OPEC oil production decreased by 0.55 million barrels per day (bpd) to 30.4 million bpd in December of last year due to Saudi Arabia's significant cut, analysts of the Global Energy Studies Centre (CGES) said in a report.
Saudi Arabia's output was cut, according to the report, to 9.06 million bpd in December comapred to 9.53 million bpd in November, 2012.
According to the analysts' estimates, Iran's oil output decreased in December by 60,000 bpd to 2.65 million bpd compared to 2.71 million bpd in November, 2012. However, Iranian declines were offset by gains in Nigeria and Angola, both countries having made progress in resolving technical issues, the report said.
The report said that Iraq also saw its output fall significantly because of problems exporting: in the north exports along the Kirkuk-Ceyhan pipeline were constrained by a flare up between the the Iraqi Kurdish autonomy and Baghdad over payments, while in the south bad weather at Basra limited seaborne exports.
According to the CGES anlysts' estimates, Iraqi oil production amounted to 3.05 million bpd in December comapred to 3.22 million bpd in November of last year.
The U.S. Energy Information Administration (EIA) predicts OPEC production to amount to 36.12 million bpd in 2013 and to 36.52 million bpd in 2014.