OPEC-10 output "down to 26.87 million barrels a day in January"

Feb 26, 2007, 14:07 GMT

Nicosia - Oil production for the ten main members of the Organisation of Petroleum Exporting Countries (OPEC) fell in January by 120,000 barrels per day to 26.87 million, the Middle East Economic Survey reported Monday.

The drop was due to production losses in Iran and Nigeria, while Gulf producers maintained the improved production discipline seen in December, it said.

The Cyprus-based weekly publication said that total OPEC production, including Iraq and newcomer Angola, reached 30.05 million barrels per day.

Setting aside Angolan output of 1.5 million barrels per day in the month, total production was down by 240,000 barrels per day after Iraqi production fell to a new low in a year of 1.68 million barrels per day, with exports dropping but local supplies remaining steady.

Iranian production in the month comprised 2.45 million barrels per day of exports and 1,45 million barrels per day of deliveries to domestic refiners for a total 3.90 million barrels per day, down from Decembers 3.95 million barrels per day.

Nigerian production fell further to 2.2 million barrels per day, the lowest level since last July, due to militant attacks on the operations of Shell and Eni, which forced the shut-in of additional crude streams from Brass River.

The MEES report added that militant action is expected to increase ahead of the April presidential elections, worsening the prospects fro any of the estimated 600,000 barrels per day of shut-in output to resume in the near term.