28 Sep '12, 10pm

OPEC oil output hits lowest since January | Peak Oil News and Message Boards

OPEC oil output hits lowest since January PEC crude oil output has fallen in September because of reduced exports from Angola and Nigeria, a Reuters survey showed on Friday, and as Iranian output slipped back to its lowest in more than two decades. The drop in output from the Organization of the Petroleum Exporting Countries may worry consumer countries, already concerned that oil prices near $112 a barrel for Brent crude are weighing on economic growth. Supply from the 12-member OPEC has averaged 31.09 million barrels per day (bpd), down from 31.53 million bpd in August, the Reuters survey of sources at oil companies, OPEC officials and analysts found. The total is the lowest since January 2012 when the group pumped 30.95 million bpd, according to Reuters surveys. Still, production remains just over 1 million bpd more than OPEC’s output target of 30 million bpd. “It’s mos...

Full article: http://peakoil.com/production/opec-oil-output-hits-lowest...

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