Platts: October OPEC Oil Output Up 20,000 Barrels Per Day To 31.17 Million B/d
LONDON, Nov. 12, 2012 /PRNewswire/ -- Crude oil output from the Organization of Petroleum Exporting Countries (OPEC) edged up by 20,000 barrels per day (b/d) to 31.17 million b/d in October, a Platts survey of OPEC and oil industry officials and analysts showed November 9. This follows September production of 31.15 million b/d and leaves OPEC exceeding its 30 million b/d output ceiling that was agreed to last December and extended in June, by more than one million b/d.
A drop of 50,000 b/d in Nigeria was more than offset by small increases in Angola, Iraq and Libya, the survey found.
"Numbers like these could mean that the OPEC meeting next month is the Goldilocks meeting, not too high, not too low," says John Kingston, director of news, Platts, a leading global energy, petrochemicals and metals information provider. "Prices are holding near $100 per barrel for Brent crude oil, which is enough to keep most members happy, but aren't too high as to threaten the global economy."
The one thing that could significantly change that scenario would be a stalemate in the U.S. to avoid the so-called 'fiscal cliff,' explained Kingston, which sources say could hammer the prices of all financial assets, including oil."Thus, it's hard to see anything that could send prices significantly higher, but there certainly are some extra-market scenarios that could send them lower," Kingston said. Iranian volumes, which have dropped steadily in recent months as sanctions imposed by the U.S. and E.U. took their toll on exports, were stable at 2.72 million b/d in October. OPEC's four Gulf Arab producers maintained volumes at levels similar to those of September, the survey found, while a further increase in exports took Iraqi output to 3.21 million b/d.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV