OPEC oil output falls in October

11/1/2012

OPEC oil output falls in October

LONDON--Oil production from the Organization of Petroleum Exporting Countries fell last month, largely due to a decline in output from Nigeria and Iran.

According to a Dow Jones Newswires survey of industry sources and analysts, from the group averaged 31.32 million bpd in October, down about 350,000 bpd from 31.669 million bpd in September.

The decline in production was mainly driven by lower production in Nigeria and Iran, while output in Angola and Saudi Arabia declined to a lesser extent.

An uptick in Libyan and Venezuelan production was not enough to offset declines elsewhere.

Iranian production fell below 2.7 million bpd in October as international sanctions continued to dent the country's ability to export its oil.

Production from Nigeria meanwhile declined for the third month in a row. Severe flooding in the Niger Delta dented output last month, affecting around 500,000 bpd of production when at its peak, the country's oil ministry said in October.

A fresh wave of sabotage targeting oil pipelines in the region also impacted production and contributed to a force majeure Royal Dutch Shell S.A. placed on its exports of Nigeria's Bonny Light crude last month.

According to company reports cited by Vienna-based consultancy JBC Energy, crude theft affects as much as 180,000 bpd of Nigeria's production.

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