Middle East Economic Survey


No 9


OPEC Oil Production Drops In January As Cuts Take Effect

OPEC oil production fell 505,000 b/d to 29.2mn b/d in January from 29.705mn b/d in December, according to MEES estimates, as cuts agreed at the Vienna OPEC meeting in late 2004 took effect (MEES, 17 January). OPEC-10 (OPEC without Iraq) production was also down, dropping 655,000 b/d at 27.4mn b/d compared to 28.055mn b/d in December. The cuts agreed on 10 December were effective...