OPEC’s Output at an 11-Year High
OPEC monthly oil output hit an 11-year high in January despite pledges of cutbacks, a Reuters survey of industry executives and analysts showed Tuesday.
Production was estimated at 24.2 million barrels per day, about 70,000 barrels per day higher than December, despite the voluntary cutbacks of about 410,000 barrels per day announced by nine OPEC members in the latter half of the month.
Recent levels were unmatched since crude output averaged around 25 million barrels per day in 1980 and 23 million in 1981. But a fall is expected this month as ministers of the Organization of Petroleum Exporting Countries meet in Geneva on Feb. 12 to decide on further cuts to match falling seasonal demand.
OPEC’s big two producers, Saudi Arabia and Iran, stepped up output in January, but exact figures were uncertain. Some analysts said Saudi output was as high as 8.7 million barrels per day excluding the so-called Neutral Zone between its border and Kuwait. Others estimated it as low as 8.4 million barrels per day.
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