Petroleum Africa
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Tuesday, December 9, 2014
The Organization for Petroleum Exporting Countries or OPEC saw its production numbers fall by 340,000 bpd in November. The drop in production can partially be attributed to Libya’s stumbling in its production recovery. During their latest meeting in Vienna the cartel members decided it would not rein in production to stop the freefall crude prices have seen over the past month. Despite the decision not to lower production quotas, it seems Libya’s issues are doing it all on their own.
Supply from OPEC producers averaged 30.30 million bpd in November, down from a revised 30.64 million bpd from the month before.
Maintenance at fields across more than one member country is in progress adding to the decrease in production. Angola saw its supply drop 140,000 bpd while its Girassol field undergoes maintenance along with a shutdown of the Khafji oilfield, run by Saudi Arabia and Kuwait,reduced Kuwaiti output, and production in Qatar fell due to planned work.
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