by Just came out. Saudis still producing and selling far below their stated ‘cap’: OPEC November Crude Output Down 33,000 Bbl/Day to 32.121 Mln2015-11-30 17:55:55.463 GMTNew York, Nov. 30 (Bloomberg) — Crude-oil production from the 12 OPEC members in November declined 33,000 barrels a day from October, the latest Bloomberg survey of producers, oil companies and industry analysts shows. Figures are in the thousands of barrels a day.Nov. Oct. Monthly 1/1/2012 Nov. vs Est.OPEC Country Est. Output Change Target* Target Cap(@)Algeria 1,100 1,100 0 — — 1,150Angola 1,840 1,814 26 — — 1,870Ecuador 537 544r -7 — — 540Iran 2,800 2,800r 0 — — 2,900Iraq* 4,321 4,217r 104 — — 4,400Kuwait# 2,850 2,820 30 — — 2,950Libya 375 430 -55 — — 1,550Nigeria 1,878 2,019 -141 — — 2,200Qatar 670 640 30 — — 780Saudi Arabia# 10,330 10,300r 30 — — 12,500U.A.E.
Topics:
WARREN MOSLER considers the following as important: Oil
This could be interesting, too:
Angry Bear writes The U.S. government is draining 42 million gallons of gasoline from its reserves
Angry Bear writes Oil industry is Writing Executive Orders for Trump to Sign
Angry Bear writes Gasoline, Part D, and Medicare Inflationary Increases
run75441 writes We would’ve never been able to see cricket live on television
Just came out.
Saudis still producing and selling far below their stated ‘cap’:
OPEC November Crude Output Down 33,000 Bbl/Day to 32.121 Mln
2015-11-30 17:55:55.463 GMTNew York, Nov. 30 (Bloomberg) — Crude-oil production from the 12 OPEC members in November declined 33,000 barrels a day from October, the latest Bloomberg survey of producers, oil companies and industry analysts shows. Figures are in the thousands of barrels a day.
Nov. Oct. Monthly 1/1/2012 Nov. vs Est.
OPEC Country Est. Output Change Target* Target Cap(@)
Algeria 1,100 1,100 0 — — 1,150
Angola 1,840 1,814 26 — — 1,870
Ecuador 537 544r -7 — — 540
Iran 2,800 2,800r 0 — — 2,900
Iraq* 4,321 4,217r 104 — — 4,400
Kuwait# 2,850 2,820 30 — — 2,950
Libya 375 430 -55 — — 1,550
Nigeria 1,878 2,019 -141 — — 2,200
Qatar 670 640 30 — — 780
Saudi Arabia# 10,330 10,300r 30 — — 12,500
U.A.E. 2,940 2,970 -30 — — 3,150
Venezuela 2,480 2,500 -20 — — 2,500
Total OPEC-12 32,121 32,154r -33 30,000 2,121 36,490
Total OPEC-11 27,800 27,937r -137 — — 32,090
Yes, it’s still expanding, but seems the rate peaked as oil capex collapsed and its since been decelerating:
