Home Add to Favorite Contact Submit  
           29 March, 2024


    
Category:  Press » Business

 

Platts Survey: OPEC Pumps 28.94 Million Barrels Per Day In November

Popularity:
         Views: 1698
2009-12-12 04:57:27     
Platts

Platts - The Organization of the Petroleum Exporting Countries(OPEC) crude oil production rose to 28.94 million barrels per day (b/d) in November, an increase of 50,000 b/d from an estimated October level of 28.89 million b/d, a Platts survey of OPEC and oil industry officials and analysts showed Friday.

"OPEC's output is rising, the sweet spot of prices in the $75- to $80-per barrel (/b) level is starting to become part of the past, and the demand-intensive fourth quarter is ending," said Platts Global Director of News John Kingston. "It's very possible that the upcoming December 22nd OPEC meeting in Angola, expected to be uneventful and predictable, may have a bit more uncertainty hanging over it if we get a few more days of declining prices going into it," Kingston added.

Excluding Iraq, the 11 OPEC members bound by production quotas pumped an average 26.49 million b/d in November, or 90,000 b/d more than estimated October output of 26.4 million b/d, the survey found.

Increases totalling 120,000 b/d from Ecuador, Nigeria, Qatar, Saudi Arabia and Venezuela were partly offset by decreases totalling 70,000 b/d from Angola and Iraq.

The latest estimates leave the OPEC-11 exceeding their 24.845 million b/d target by 1.645 million b/d.

Compliance with the 4.2 million b/d of cuts agreed late last year has been declining since April alongside a broad firming of oil prices. Having peaked at close to 82% in March, compliance fell to 60.8% in November.

OPEC looks set to roll over its official output target for the fourth time this year when ministers meet in Luanda, Angola.

In September, when ministers last met, they said that although the outlook for oil market fundamentals was gloomy, they did not want to take any action on production that might endanger global economic recovery despite the steady rise in actual output.

The likelihood of OPEC maintaining its current official output targets at the Angola meeting has risen substantially over the past week, with Saudi Arabian oil minister Ali Naimi describing current oil prices of between $70 and $80/b as "perfect" and questioning the need for the oil producing nations to adjust desired output levels.

The roll call of ministers lining up behind a rollover had already been a substantial one, but with OPEC kingpin Saudi Arabia now signalling that the group is preparing to rubber stamp its current output agreement for the fourth time this year, the odds have lessened substantially.

About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience, Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil, natural gas, electricity, emissions, nuclear power, coal, petrochemical, shipping, and metals markets from 17 offices worldwide. Platts' real-time news, pricing, analytical services and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions.

About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, Platts, Capital IQ, J.D. Power and Associates, McGraw-Hill Construction and Aviation Week. The Corporation has more than 280 offices in 40 countries.

Specialized in: Mcgraw-hill Companies - Mcgraw-hill - Mcgraw Hill - Aviation Week - Businessweek - Mcgraw-hill Contemporary - Mcgraw-hill Digital Learning - Mcgraw-hill Professional Development
URL: http://www.mcgraw-hill.com
Print press release      Bookmark this page
Related Press releases 
Industrial Plastic Strip Doors Market (Popularity: ): The global industrial plastic strip doors market is witnessing substantial growth, with projections estimating a value of USD xx billion by 2028, growing at a (CAGR) of around xx% during the forecast period.Industrial plastic strip doors, also known as PVC strip curtains or vinyl strip doors, are flexible barriers made of PVC material used to separate spaces while allowing easy access and visibility. These strip doors serve various purposes in ...
Gas Separation Membrane Market expected to witness a significant growth rate of 10.2% by 2028. (Popularity: ): The global gas separation membrane market is experiencing robust growth, with projections estimating a value of USD 4.68 billion by 2028, growing at a (CAGR) of 10.2% during the forecast period.Gas separation membranes are advanced materials designed to selectively separate gases by permeating specific molecules through the membrane structure while blocking others. These membranes play a crucial role in various gas separation processes, including nitrogen generation, hydrogen recovery, carbon capture ...
Fly Ash Elimination Device Market (Popularity: ): Market Data Forecast analyses that the global Fly Ash Elimination Device Market is expected to reach the value of USD xx billion by 2028, at a CAGR of xx% during the forecast period.Fly ash elimination devices are a part of pollution control systems used in industries such as power generation, cement manufacturing, and others where coal combustion generates fly ash. These devices aim to capture fly ash, a byproduct of ...
Spiffy Clean Announces Unprecedented Excellence in Office Cleaning Services for Melbourne CBD (Popularity: ): Spiffy Clean, a trailblazer in the cleaning industry, proudly declares a new era of office cleaning services in the heart of Melbourne CBD. Breaking boundaries with a commitment to excellence, precision, and a touch of innovation, Spiffy Clean is set to redefine the corporate cleanliness landscape for businesses in Melbourne's central business district.Crafting Pristine Workspaces: Spiffy Clean is not just a cleaning service; it's an artist of immaculate workspaces. Tailoring solutions ...
Solo Petroleum Ltd Enhances Heating Oil and Kerosene Services in Yorkshire (Popularity: ): Pontefract, Yorkshire - Solo Petroleum Ltd, a leading provider of heating solutions, is pleased to announce the expansion of its heating oil and kerosene distribution services in Yorkshire. This development is set to benefit a wide range of customers, from residential households to large-scale industrial clients, ensuring reliable and efficient heating solutions throughout the region.As a trusted supplier in the energy sector, Solo Petroleum Ltd has consistently delivered high-quality heating ...


Related Business 
Western Refining Company (Popularity: ): Refinery with a crude capacity of approximately 104,000 barrels per day, FCCU capacity of 29,500 barrels per day, alkylation capacity of 9,300 barrels per day and reforming capacity of 18,000 barrels per day. Based in Dallas.
Valero Energy Corp. (Popularity: ): Oil refiners with a throughput capacity of nearly 2 million barrels per day. Provides information on services, environment issues, company news, investor data, and employment opportunities. (NYSE: VLI)
Sloan Digital Sky Survey (Popularity: ): A survey that maps one-quarter of the entire sky, determining the positions and absolute brightnesses of more than 100 million celestial objects.
Veterans Day (Popularity: ): Veterans Day 2010 – Online information of Veterans Day 2010, Ideas, Veterans Day Activities, 2010 Parade, Veterans Day Celebrations, Quotes, Veterans Day dates and more. Veterans Day is celebrated on 11th November, the anniversary of signing of Armistice that finished World War I.
Jee Pumps (Gujarat) Pvt. Ltd. (Popularity: ): We are Manufacturer of Fuel Injection Internal Gear Pumps, Hydraulic Test Pumps, High Pressure Multistage Pumps, Filter Press Pumps, Multi Purpose Rotary Gear Pumps, Boiler Feed High Head Self Priming Pumps, Corrosion Resistant Ploypropylene Pumps, Centrifugal Coupled Pumps, Centrifugal Pumps, Chemical Pumps,Back pull-out Pumps, Boiler Feed Pumps, Process Pumps, Pumps & Pumping Equipment.
Home Barrels and Drums (Popularity: ): Vast database of UN Barrels & Drums. Request a Quote or purchase online any of our Steel, Plastic & Fiber Barrels and Drums ranging from 10 to 110 Gallons. Be sure to take advantage of some of the features listed below here at BarrelsDrums.com.
Rain Barrels Intl (Popularity: ): Rain Barrels Intl is the leading resource of Rain Barrels for Rain Water Recycling, Renewable Water Solutions, Water Recycling and all things Green & Eco Friendly located in North Carolina and providing Rain Water Barrels in Retail Locations throughout America.
Mieco Pumps and Generators Pvt. Ltd. (Popularity: ): Mieco Pumps and Generators Pvt. Ltd are a ISO 9001 Certified Company engaged in offering an assortment of mud / sewage pumps, chemical pumps, triplex plunger pumps optional accessories, hydraulic test pumps, centrifugal pumps, positive displacement screw pumps, chemical processing pumps, food processing pumps, hydraulic testing pumps,special customized pumps and other products.
Historical Corpus of Spanish (Popularity: ): Searchable 100 million word database includes 20 million words from the 1200s-1400s, 40 million from the 1500s-1700s, and 40 million from the 1800s-1900s.
The Day of the Daleks (Popularity: ): Official site for The Day of the Daleks, a charity fundraising event held in Liverpool, UK in November 2000.