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Page added on December 30, 2008

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OPEC supply falls

OPEC countries curb production by 400,000 barrels per day in December.

LONDON (Reuters) — Output from OPEC members bound by supply targets fell by 400,000 barrels per day (bpd) in December, consultant Petrologistics said on Tuesday, as the group more than complied with a deal to try to boost oil prices.

Supply from 11 exporters was expected to average 27.1 million bpd in December, down from about 27.5 million bpd in November, said Conrad Gerber of Petrologistics, an established tracker of oil tankers.

The Organization of the Petroleum Exporting Countries had pledged to lower supply to 27.3 million bpd from Nov. 1 in a pact that excluded only Iraq, which does not have a production target, and Indonesia, which leaves OPEC at the end of the year.

“They are taking off barrels, there is no doubt about that,” Gerber told Reuters. “The reductions from the main Gulf producers have been drastic.”


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