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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC oil output falls in December: Platts survey

Posted on 16 January 2013

Oil production from the Organization of the Petroleum Exporting Countries fell by 430,000 barrels per day in December from a month earlier to 30.65 million barrels per day, according to a Platts survey of OPEC and oil industry officials and analysts released Monday.
The decline takes the cartel closer to its 30 million barrel per day output target, Platts said. “Global supply has been running above demand for many months, so the Saudis appear to have decided to simply take away a good chunk of that surplus all in one shot,” said John Kingston, Platts global director of news, in a statement. “It’s a wake-up call to let an increasingly glutted market know that the kingdom is not going to let the imbalance get too out of hand.”……………………………………….Full Article: Source


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