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 March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Costa Concordia Used For Mafia Drug Smuggling

The doomed Costa Concordia was carrying a huge shipment of Mafia-owned cocaine when it set off on its final voyage, AP reports quoting investigators who have collected evidence.

Viking Enters Ocean Cruise Industry

Viking Ocean Cruises has announced it took delivery of Viking Star, marking the company's official arrival into the ocean cruise industry.   The delivery ceremony

VIKING LifeCraft Presented at IMO

This week, VIKING Life-Saving Equipment took a step towards gaining approval for the VIKING LifeCraft, its alternative life-saving appliance (LSA) for passenger ships.

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1253 sec (8 req/sec)