OPEC Dec Output -2: Venezuela Oil Output Dn By Two Thirds

Monday January 6, 11:50 PM

LONDON (Dow Jones)--Oil output from the Organization of Petroleum Exporting Countries, excluding Iraq, fell by 1.639 million barrels a day in December to 22.604 million b/d largely due to a strike in Venezuela that has reduced oil production by two thirds, a Dow Jones Newswires survey found Monday.

Total OPEC output was down 1.705 million b/d in December at 24.914 million b/d compared with 26.619 million b/d in November.

A crippling general strike in Venezuela, now entering its sixth week, reduced December oil output in the country to 0.933 million b/d - a decline of 1.964 million b/d compared with November, the survey showed.

However, other OPEC members continued to produce over their individual quotas despite the Dec. 12 agreement to rein in output over the group's official 21.701 million b/d ceiling, which is valid until Jan. 1. OPEC's official target from Jan. 1 is 23 million b/d.

According to the survey, the OPEC-10 were 0.903 million b/d over their 21.701 million b/d output target in December.