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DJ OPEC Jan Output Dn 460,000 B/D On Mo At 29.27M B/D - MEES
(Comtex Business Via Thomson Dialog NewsEdge)CAIRO,, Feb 27, 2006 (Dow Jones Commodities News via Comtex) --Production from the Organization of Petroleum Exporting Countries fell by 460,000 barrels a day to 29.27 million b/d in January from 29.73 million b/d a month earlier, the weekly Middle East Economic Survey said in its Monday edition.
MEES estimated that production in January of the OPEC-10, excluding Iraq which doesn't have a quota, fell by 490,000 b/d to 27.69 million b/d from 28.18 million b/d the previous month. The decline was largely due to a 340,000 b/d fall in Iranian oil exports.
Iran exported 2.13 million b/d in January and delivered 1.61 million b/d to domestic refineries, of which 90,000 b/d was Caspian swapped crude, a drop from the usual 2.4 million-2.5 million b/d, MEES reported.
The drop in Iranian exports was mostly due to stock building, as the National Iranian Oil Co. (NIO.YY) has been continuing to build stocks of Soroush/Nowruz along with Bahregansar crude and South Pars condensate, for blending to make a more marketable grade.
In Iraq, southern exports increased slightly from the long-term low seen in December to lift overall output by 30,000 b/d. Nigeria saw a 110,000 b/d decline over the month due to attacks on the EA field and Forcados production system as well as infrastructure problems elsewhere. Production at the United Arab Emirates also dipped in the month due to maintenance work at the Murban field.
Other major Gulf oil producers saw little change from December.
The following are MEES estimates of OPEC crude oil production (in millions of barrels a day.)
Country Jan Dec Quota
Algeria 1.380 1.380 0.894
Indonesia 0.920 0.930 1.451
Iran 3.650 3.890 4.110
Kuwait (a) 2.500 2.500 2.247
Libya 1.680 1.680 1.500
Nigeria 2.310 2.420 2.306
Qatar 0.800 0.800 0.726
Saudi Arabia (a) 9.450 9.480 9.099
UAE 2.400 2.500 2.444
Venezuela 2.600 2.600 3.223
OPEC 10 27.690 28.180 28.000
Iraq 1.580 1.550
OPEC Total 29.270 29.730
(a) Includes 50% share of Neutral Zone output, which averaged 580,000 b/d in January, down from 600,000 b/d in December.
-By Maha El Dahan, Dow Jones Newswires, +20122267850, mahaeldahan@yahoo.com
(END) Dow Jones Newswires
02-27-06 0811ET
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