OPEC reaches lowest level of output: CGES
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, Trend news agency reported.
Saudi Arabia's output was cut, according to the report, to 9.06 million bpd in December compared to 9.53 million bpd in November.
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 export problems: 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 analysts' estimates, Iraqi oil production amounted to 3.05 million bpd in December compared to 3.22 million bpd in November.
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