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OPEC output highest since ’80
NICOSIA. Dec 15: A surge In, Iranian oil production pushed the output of the Organisation of Petroleum Exporting Countries-to 25.49 million barrels a day last month, the highest since 1980, the Middle East Economic Survey reported Monday, reports AP.
‘fcre weekly newsletter, published in Nicosia, quoted its sources as reporting that .Iranian oil output reached 31835 million barrels a day in November, 215,000 barrels a day more than October's level.’
Later, an Iranian report said Iran had reduced its production so far this month b almost 300,000 barrels daily.
The MEES said Kuwait, too. increased its output by about 100,00 barrels a day last month with production rising to an estimated 1.45 million barrels a day. ।
"understands from Kuwaiti oil. sources the production will comfortably exceed an average
-4.of 1.5 million barrels a day In December." It quoted the same sources as saying the emirate had "confidently programme" for a level of at least 1.7 million barrels a day in the first three months of 1993.
The economic survey said overall OPEC output reached 25.49 million barrels a day n November, the highest in 13 years. The figure includes the 325,000 barrels a day produced by Ecuador, which with drew from OPEC at the end of the month.
l$e newsletter pointed out that excluding Ecuador, OPEC as a whole will need to cut . output by 583, 000 barrels a day if it is to observe its de-. dared production ceiling of 24,582 million barrels a day in n.—v-.. »r*d the fired th-—
months of 1993.
It said the countries that would need to make major optput cuts were Iran, which would have to reduce production by 345,000 barrels a day: and Libya, Nigeria and Qatar.
Iran’s officials Islamic Republic News Agency, monitored in Cyprus said production had been cut by almost . 300,000 barrels a day since early December in line with November's OPEC meeting.
The agency quoted a government statement as saying:
"1 view of the current oil prices, which indicate that the supply of crude oil Is much more than its demand on international markets, Iran is ready for further cuts in Its production providing that other members do so."
The MEES said Iran's out-Kut for November, which was Igher than expected, should
skeptics" that Iran's production capacity has registered significant gains during the •year.
Iran currently claims it has increased it output capacity to 4.1' n^llion barrels a day and hopes to reach 4.5 million barrels a day by March.
A Reuter reports adds:The figures for OPEC's output in November include production from Ecuador, which quit the group at its meeting in Vienna at the end of the month.
The MEES said Kuwait registered a November gain of some 100,000 BPD last month with production rising to 1.45 million.
It said Saudi Arabia's production declined marginally by 70,000 BPD to 8.4 million tn November, Indonesia' output also fell by 30,000 BPD to 1.34 million while Libya's November output registered a small in ereme of 30.0^0 BPD.