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Saudi Arabia & Iraq Cut Oil Exports in November 2012

Source: Bloomberg 1/20/2013, Location: Middle East

Saudi Arabia exported 1.7 percent less crude in November than in the previous month, while Iraq and five other OPEC producers also curbed shipments, according to the Joint Organizations Data Initiative.

The kingdom, the largest producer in the Organization of Petroleum Exporting Countries, shipped 7.15 million barrels a day in November as it reduced monthly output by 2.4 percent to 9.49 million barrels a day. Iraq, with the second-biggest producer in OPEC, trimmed its exports by 3.3 percent to 2.62 million barrels a day even as it pumped 1.7 percent more oil, data posted today on the initiative’s website showed.

Angola cut crude exports by 5.6 percent, the United Arab Emirates pared shipments by 3.1 percent, and Qatar, Ecuador and Venezuela also reduced exports, the data showed. Algeria’s shipments surged 42 percent in November to 725,000 barrels a day, while its production slipped 2.7 percent, according to the initiative known as JODI.

OPEC, which supplies about 40 percent of the world’s crude, said in a monthly report on Jan. 16 that its total output in December dropped by 465,000 barrels a day to 30.4 million, the lowest level since October 2011. Saudi Arabia led the decrease in December, the 12-member group said, citing secondary sources. OPEC’s figure for production last month is 800,000 barrels a day more than what the group estimates it will need to supply to consumers in 2013.

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