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Page added on January 22, 2010

OPEC members oil output was higher in December 2009

OPEC member countries compliance with crude oil production targets dropped to the lowest in a year in December 2009 as oil output was seen to be higher than in November.

Oil production from the OPEC member countries bound by quotas rose to 26.681 million barrels a day in December, from 26.613 million a day the previous month. Their compliance rate with targets slipped to 56 percent, from 58 percent in November. OPEC has kept its 2010 forecasts for demand and non OPEC supply mostly unchanged.

OPEC, responsible for about 40 percent of global crude supply, announced a record production curb in December 2008. The group’s adherence to output targets has since waned as consumption revives and prices gain. OPEC will next meet on March 17 in Vienna. Qatari Energy Minister Abdullah bin Hamad al-Attiyah said in Abu Dhabi on Monday that OPEC is unlikely to increase oil output targets this year because the market is sufficiently supplied.