OPEC pumping more oil than planned

The Organisation of the Petroleum Exporting Countries (OPEC) is producing more oil than its own forecasts, according to analysts at Platts. 

The information provider’s latest survey found OPEC’s oil output […]

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By Vicky Ellis

The Organisation of the Petroleum Exporting Countries (OPEC) is producing more oil than its own forecasts, according to analysts at Platts.



The information provider’s latest survey found OPEC’s oil output jumped by 550,000 barrels per day (b/d) to 30.6 million b/d in November.



Platts said this put the Middle Eastern oil bloc’s production in line to exceed next year’s estimates.



John Kingston, Platts global director of news said: “In recent months, OPEC has out-produced its own projections, which was worrisome for consumers. However, this significant jump in production puts OPEC above its expected 2012 total, and at least near the individual quarter-by-quarter projections. It’s a big change.”