OPEC cut oil slightly in Nov

Reuters arabic, Monday 29 Nov 2010

 

The Organization of Petroleum Exporting CountriesOPEC has cut its supply of oil slightly in November as the delayed damage to the pipeline in Nigeria's exports reduce the number of their supplies from other producersA survey conducted by Reuters and published on Monday.

 All members except Iraq amounted to 26.7 million barrels per day on average this month, down from 26.79 million bpd in October, according to the survey, which included oil companies, analysts and officials in OPEC, and they  are eleven members who are committed to production quotas in OPEC.


The decline reflects a reduction in the production of Nigeria and Venezuela, Saudi Arabia and United Arab Emirates, Qatar and Angola.
The reduction in the OPEC production over the past two years in an attempt to achieve price stability. OPEC left its oil output target unchanged on 14 October, keeping the what was agreed upon in December 2008, when it approved a cut in supplies reached a record 4.2 million barrels a day.


 Many members of the OPEC supplies on an informal basis since 2009 with the recovery of prices and demand.
Oil was trading mostly between 70 and 80 dollars a barrel over the past year, a level it deems most OPEC countries comfortable


The survey showed that the rate of commitment of the eleven levels of cuts agreed by OPEC stood at 56 percent in November, up two percentage points in October
According to the survey's overall supply of OPEC, including Iraq by 70 thousand barrels per day.
Barrett said Christophe, oil analyst at Credit Agricole "OPEC production is stable with a commitment to a little better production quotas."
"It is because the slight decline in production mainly to the disruption of supplies

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