Eric Watkins
Oil Diplomacy Editor
LOS ANGELES, Nov. 13 -- The Organization of Petroleum Exporting Countries produced a total of 32.3 million b/d of crude oil in October, down 100,000 b/d on month, according to the US Energy Information Administration.
EIA estimated OPEC's production capacity to be 34.24 million b/d and its spare production capacity to be 1.93 million b/d.
It said OPEC's 12 producers, excluding Iraq and Indonesia, produced 29.13 million b/d in October, and exceeded the organization's output target of 28.8 million b/d by 330,000 b/d.
Although Angola increased production, Indonesia, Nigeria, Qatar, Saudi Arabia, and Venezuela all saw declines. Production remained steady in Algeria, Ecuador, Iran, Iraq, Kuwait, Libya, and the UAE.
EIA projects that OPEC crude production will fall from 32.3 million b/d in October 2008 to 31.3 million b/d in first quarter 2009, where it will remain relatively stable through yearend 2009.
In terms of revenues, EIA said OPEC could earn $979 billion of net oil export revenues in 2008, and $595 billion in 2009. EIA did not explain the substantially reduced earnings projection for 2009.
Through October, OPEC has earned an estimated $884 billion in net oil export earnings in 2008, while in 2007 it earned $671 billion in net oil export revenues, a 10% increase over 2006.
Saudi Arabia earned the largest share of these earnings, $194 billion, representing 29% of total OPEC revenues. On a per capita basis, OPEC net oil export earning increased by 8% over 2006, reaching $1,137.
EIA's estimated figures for OPEC members in October 2008 includes one member with higher production, namely Angola with 1.91 million b/d, up 130,000 b/d. Holding steady production levels are Algeria with 1.44 million b/d; Ecuador, 510,000 b/d; Iran, 3.9 million b/d; Iraq, 2.32 million b/d; Kuwait, 2.6 million b/d; Libya, 1.75 million b/d; UAE, 2.6 million b/d. Down in production are Saudi Arabia, 9.3 million b/d, down 100,000 b/d; Venezuela, 2.38 million b/d, down 10,000 b/d; Nigeria, 1.96 million b/d, down 20,000 b/d; Indonesia, 850,000 b/d, down 10,000 b/d; and Qatar, 800,000 b/d, down 70,000 b/d.
Contact Eric Watkins at [email protected].
