December 15, 2002	Sunday	Shawwal 10, 1423

NICOSIA, Dec 14: After eight successive months of output increases, Opec production fell slightly in November although Iran recorded its highest figure for the year, the Middle East Economic Survey (MEES) reports.

November oil production by the OPEC 10 (excluding Iraq) declined slightly to 24.32 million barrels per day (bpd), which is 2.619 million bpd over the quota agreement, the industry newsletter says in its Monday edition.

Total November Opec production, including Iraq, also decreased slightly by 160,000 bpd to 26.69 million bpd compared to 26.85 million bpd in October.

Oil prices soared Friday as investors fretted about disruption to supplies from Venezuela and a decision by the Opec producer cartel to rein in output.

In London, the price of Brent North Sea crude for January delivery rose 31 cents to $27.18.

Opec announced it would cut output in line with a new ceiling of 23 million barrels per day, though analysts were sceptical about whether all members will toe the line.

MEES soundings indicate that, while several producers reduced their excess production in November, Iran recorded the highest production figure for the year so far, the weekly says.

Saudi Arabia cut output in November to 7.80 million bpd from 7.85 million bpd in October, while Algeria’s production averaged 900,000 bpd in November compared to 1.0 million bpd in October.

MEES learns that current Algerian production capacity is around 1.2 million bpd (from Sonatrach and foreign partners), rising to over 1.3 million bpd at the end of next year, the Cyprus-based specialists say.

The United Arab Emirates also decreased production to 1.97 million bpd in November as a result of scheduled maintenance in the offshore Upper Zakum field. It was also understood that Venezuelan production was lower in November, down to 2.97 million bpd compared to a record production level of 3.20 million bpd.

MEES sources indicate that in Iran, November production was 3.74 million bpd, made up of exports of 2.29mn bpd and 1.45mn bpd for domestic refineries.

Iran’s production in October registered 3.50 million bpd, while average production for the first 10 months of the year was 3.42mn bpd.

Iraq’s average production was little changed at 2.37 million bpd in November compared to 2.42 million bpd in October. —AFP