OPEC Production Figures Up

OPEC increased its production by 195,000 b/d in Dec. to 27.95 MM bbl, the highest level since 2001 and 1.5 MM bl more than the official OPEC quota, according to the AIE (Australian Institute of Energy).

United Arab Emirates, Saudi Arabia and Nigeria were the three countries that contributed the most to this increase in production. Venezuela's production fell slightly to 2.2 MM b/d, below the 2.82 MM b/d quota set by OPEC.

According to the AIE the largest growth in petroleum consumption will take place in China (330,000 b/d), North America (260,000 b/d) and Europe (180,000 b/d) in 2004.