OPEC November Oil Output Short of Target: Survey
OPEC oil output fell short of the agreed level in November as field maintenance in the United Arab Emirates blunted the impact of a deal to raise supply, a Reuters survey found on Monday.
OPEC's 10 members bound by output targets, all except Iraq, Angola and Ecuador, pumped 26.99 million barrels per day, up 10,000 bpd from October, according to the survey of oil firms, OPEC officials and analysts.
The group is meeting in Abu Dhabi on Wednesday and may opt not to raise supply further after a fall in prices from record highs near $100 a barrel last month. Analysts expect output to rebound in December anyway as the maintenance ends in the UAE.
"On my estimates, OPEC will be producing more anyway in December even if they don't do anything at the meeting," said Conrad Gerber of Petrologistics, a Geneva-based consulting firm.
The Organization of the Petroleum Exporting Countries, source of more than a third of the world's oil, agreed in September to raise production of the 10 quota-bound countries by 500,000 bpd to 27.25 million bpd from Nov. 1.
Oil output in the UAE fell to 2.15 million bpd in November from 2.57 million bpd in October, offsetting higher supply from other OPEC members, according to the survey.
Saudi Output Up
UAE supply is expected to rebound following the maintenance at the Upper Zakum, Lower Zakum and Umm Shaif fields. Abu Dhabi National Oil Company has not said how long it will last.
Saudi Arabia, OPEC's top producer, raised supply by 260,000 bpd to 9.06 million bpd in November, and output edged higher in smaller producers such as Iran, Kuwait and Nigeria.
Supply from the 12 OPEC members excluding Ecuador -- which rejoined the group at a heads of state summit in mid-November -- rose by 70,000 bpd to 31.09 million bpd, the survey found.
Iraqi output was steady at 2.3 million bpd, according to the survey. Supply has risen in recent months because the country is exporting more Kirkuk crude from its northern fields.
Angolan output, on a rising trend, climbed to 1.8 million bpd from 1.75 million bpd. The country is expected to be assigned an OPEC supply target at Wednesday's meeting.