OPEC OIL PRODUCTION DOWN A LITTLE

OPEC Crude Oil Production (19434 bytes) Oil production by members of the Organization of Petroleum Exporting Countries slipped to an average 24.84 million b/d last month. Middle East Economic Survey estimates January's 150,000 b/d drop from December was due mainly to a 155,000 b/d dip in Iranian production and a 40,000 b/d drop in Nigerian production. These were only partially offset by gains in Indonesia, Qatar, and United Arab Emirates.

Feb. 13, 1995

OPEC Crude Oil Production (19434 bytes)

Oil production by members of the Organization of Petroleum Exporting Countries slipped to an average 24.84 million b/d last month.

Middle East Economic Survey estimates January's 150,000 b/d drop from December was due mainly to a 155,000 b/d dip in Iranian production and a 40,000 b/d drop in Nigerian production. These were only partially offset by gains in Indonesia, Qatar, and United Arab Emirates.

Iran's production is notoriously inconsistent, but consistent overproducer Nigeria's downturn was attributed to a fire on the Ubit platform operated by Mobil Oil Nigeria Ltd.

The Jan. 18 blaze was estimated to have caused a loss of about 85,000 b/d of oil from Ubit and fields that export oil via Ubit. The platform is not expected back on stream until mid-March.

OPEC's January production compares with an International Energy Agency estimate of first quarter call on OPEC supplies, before stock change, of 25.8 million b/d.

MEES said, "If this OPEC production rate is maintained through February and March, the indicated first quarter stockdraw would be in the region of 960,000 b/d."