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OPEC output falls as sanctions hit Iranian oil output

Posted on 07 January 2013

OPEC oil output fell in December to its lowest in more than a year as Iranian exports dipped again because of sanctions, top exporter Saudi Arabia cut output and supplies from Iraq eased, according to a Reuters survey.
Crude supply from the Organization of the Petroleum Exporting Countries averaged 30.62 million barrels per day (bpd), down from a revised 30.71 million bpd in November, the survey of sources at oil companies, in OPEC and consultancies found. OPEC output is now down by 1.13 million bpd from its April 2012 peak of 31.75 million before the European Union implemented an oil embargo on Iran and as Saudi Arabia lifted output to bring prices down from a year-high $128 a barrel………………………………………..Full Article: Source


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