Middle East Economic Survey


No 3


OPEC Oil Production Slips Lower In December

OPEC oil production fell 435,000 b/d in December to 29.555mn b/d from 29.99mn b/d in November, according to MEES estimates, marking the second month of decline after a six-month uptrend (MEES, 20/27 December 2004). OPEC-10 (OPEC without Iraq) production was also down, dropping 185,000 b/d at 28.055mn b/d compared to 28.24mn b/d in November. OPEC-10 oil production was thus just over 1mn b/d...