24 January 2013
Global output falls as Opec volumes stall
Global oil production fell to 91.2 million barrels a day (b/d) in December, a drop of 170,000 b/d, as output from Opec declined
Production from Opec fell to 30.65m b/d in December, its lowest level in a year, as output from Saudi Arabia and Iraq slumped, the International Energy Agency (IEA) said. The 265,000 b/d fall in Opec’s December output was, however, partially offset by a recovery in Nigerian production, which had been disrupted by flooding and pipeline sabotage. The IEA said Iranian production in 2012 was constrained by international sanctions, falling by 650,000 b/d to 3m b/d. Opec crude oil supply inched up by 75,000 b/d in November reaching 31.2m b/d, due to higher output from Saudi Arabia, Angola, Algeria and Libya. But, at its 12 December meeting, the organisation agreed keep a 30m b/d ceiling on product
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
