21-Feb-2011 12:21 PM

OPEC crude oil exports decline 2% in Dec-2010

OPEC’s oil exports declined 2% month-on-month in Dec-2010 as Saudi Arabia, the world's largest oil exporter, reported a 4.9% month-on-month reduction (Bloomberg, 29-Feb-2011). Total OPEC exports, excluding Algeria and the UAE, declined by 387,000 barrels/day to 19.4 million barrels/day. Saudi Arabia’s exports declined to 6.36 million barrles/day in Nov-2010 to 6.05 million barrels in Dec-2010 despite productoin rising to a two-year high of 8.37 million barrels per day.