OPEC Production Falls

Friday, December 10, 1999
OPEC oil production fell 700,000 bpd in November, driven down by deep cuts to Iranian and Iraqi supply. The group's compliance rate with supply curbs improved to 89 percent last month from 83 percent in October as Iran cut some 310,000 bpd of output to stay within its OPEC quota, IEA, the West's supply watchdog, said in its monthly Oil Market Report. OPEC output fell further after supply from Iraq -- which does not take part in OPEC's supply cut deal -- dropped 440,000 bpd as Baghdad suspended exports in a dispute with the United Nations over renewing its 'oil-for-food' exchange. OPEC's lower November supply of 25.8 million bpd offset a 450,000 bpd rise in non-OPEC production to cut total world oil output by 250,000 bpd to 73.9 million bpd, the Paris-based group said. While OPEC compliance with supply curbs improved last month, the IEA revised down its October compliance rate from 87 percent to 83 percent due to higher supply from Iran. Iran was well below its 3.359 million bpd OPEC quota in November at 3.17 million bpd, but in excess for October at 3.48 million bpd.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Cruise Industry Wins Key Norovirus Judgment

In what is being seen as a landmark decision, Hill Dickinson is the first law firm to have successfully defended a UK class action case involving a Norovirus outbreak onboard a cruise liner.

Royal Caribbean's Profit Rises 34 Percent

Royal Caribbean Cruises Ltd, the world's second-largest cruise operator by revenue, reported a 34 percent rise in quarterly profit as passengers spent more onboard

Long Beach Port Celebrates Environmental Successes

Shipping lines, environmental organizations, trucking companies, terminal operators and a railroad were honored today, July 29, by Long Beach Mayor Dr. Robert

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1069 sec (9 req/sec)