VOL. XLVII

No 03

19-January-2004

OPEC

December OPEC Output Slightly Higher As Arab Gulf Compensates For Iraq Dip

OPEC oil production in December rose 60,000 b/d to 27.985mn b/d as lower production in Iraq was more than compensated for by higher output from Arab Gulf producers (MEES, 15 December 2003). OPEC-10 (OPEC without Iraq) production was thus 260,000 b/d higher at 26.185mn b/d, worsening already poor November compliance with quotas that took effect on 1 November. OPEC-10 produced 1.685mn b/d...