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Reuters survey: OPEC oil production fell in December, but still close to the record high

Reuters survey: OPEC oil production fell in December, but still close to the record high

January 6, 2016

[China paint information] a Reuters survey released on Tuesday (January 5) showed that the oil production of the organization of Petroleum Exporting Countries (OPEC), especially for the experimental machine PEC using hydraulic transmission, decreased in December, and Iraq suffered the largest decline, Other member states saw smaller declines

opec's oil production is still close to a record high, as Saudi Arabia and other oil producing countries are bent on maintaining market share, leading to repeated setbacks in the rebound of oil prices after hitting a nearly 11 year low

according to the survey, according to shipping data and information provided by oil company sources, OPEC's daily oil production fell to 31.62 million barrels in December and was revised to 31.79 million barrels in November

oil prices have fallen by more than half in the past 18 months and hit an 11 year low after the OPEC meeting on December 4. OPEC decided at the meeting to keep the policy of unlimited production that has been implemented for a year unchanged. Analysts said that the current tense situation between Saudi Arabia and Iran has made the hope of supply cooperation within the organization more slim. Once the sanctions against Iran are removed, the country's oil production is expected to increase significantly

"there is no doubt that Saudi Arabia will never reduce production and cede the market to oil from Iran," said Carsten Fritsch, an analyst at German commercial bank. However, he added that the tension between Saudi Arabia and Iran may escalate, so the risk premium of oil prices may rise

"in other words, the existing problem of oversupply may become more and more serious in the short term."

since refusing to reduce production to support oil prices in November 2014, OPEC's daily oil production has increased by nearly 1.4 million barrels. The current output is not far from the highest level of 31.88 million barrels hit by Reuters in July last year since the record was compiled in 1997

the slowest response to production control in December was Iraq, whose oil production growth last year ranked first among global oil producers

the interviewed source said that Saudi Arabia, the largest oil exporter, maintained its production unchanged to a slight decrease due to the decline in export demand and the basically flat domestic consumption

"in terms of direction, the supply has decreased," said a source tracking Saudi Arabia's production. Saudi Arabia's daily output hit a record high of 10.56 million barrels in June

according to the interviewed source, Nigeria's daily output decreased by 50000 barrels, which was disturbed by the export of bras and Bernie crude oil

the survey showed that Iran's production increased slightly, and the production of Kuwait and Qatar also increased. At present, Iran is eager to return to the position of the second largest oil producer of EC after the lifting of sanctions

Indonesia rejoined OPEC on December 4, and the number of member countries of the organization increased to 13. From January, Indonesia's oil production will be included in the survey

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