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Page added on January 4, 2010

OPEC member oil output hits 2009 high in December

OPEC oil output rose in December to a 2009 high led by Nigeria and smaller rises elsewhere in the 12 member group, further eroding compliance with agreed oil output targets, a Reuters survey has showed.

Oil supply from the 11 members of OPEC with oil output targets, all except Iraq, rose to 26.62 million barrels per day (bpd) from a revised 26.53 million bpd in November, according to the survey of oil firms, OPEC officials and analysts.

The survey implies OPEC has made 58 percent of promised supply cutbacks, down from 60 percent in November. OPEC’s compliance is unlikely to improve for as long as members can pump out more oil without denting the rally in prices.

“We have no change in our attitude that OPEC is producing too much,” said Paul Tossetti, senior energy adviser at PFC Energy. “They have asked for more adherence to the targets but they are unlikely to get it from Nigeria or Angola.”

OPEC kept its official oil output limits unchanged at a meeting on December 22nd in Angola and called for more compliance.