Margaret McQuaile & Richard Swann report for Platts:
OPEC's new 30 million b/d crude production ceiling came into effect at the beginning of January, but OPEC's latest monthly oil market report on January 16 showed that the group's output had already exceeded the new ceiling by more than 800,000 b/d in December.
December volumes were also well above the 30.1 million b/d which OPEC estimates as the call on its crude this year -- a 60,000 b/d upward revision from last month's report -- and the 29.84 million b/d which it sees as demand for OPEC crude in the first quarter.
Iraq Oil Report Attribution Policy
All sources quoted or referenced spoke to Iraq Oil Report directly and exclusively, unless stated otherwise. Iraq Oil Report typically grants anonymity to sources that can't speak without risking their personal safety or job security. We only publish information from anonymous sources that we independently corroborate and are important to core elements of the story. We do not provide anonymity to sources whose purpose is to further personal or political agendas.Iraq Oil Report Commitment to Independence
Iraq Oil Report strives to provide thoroughly vetted reporting and fair-minded analysis that enables readers to understand the dynamic events of Iraq. To meet this goal, we always seek to gather first-hand information on the ground, verify facts from multiple angles, and solicit input from every stakeholder involved in a given story.
view our independence as an integral piece of our competitive advantage. Whereas many media entities in Iraq are owned or heavily influenced by political parties, Iraq Oil Report is wholly owned by several of its employees. In a landscape that is often polarized and politicized, we are able to gather and corroborate information from an unusually wide array of sources because we can speak with all of them in good faith.
fund this enterprise, Iraq Oil Report depends on revenue from both advertising and subscriptions. Some of our advertisers and subscribers ‐ including companies, governments, and NGOs ‐ are also subjects of our reporting. Consistent with journalistic best practices, Iraq Oil Report maintains a strict firewall that removes business considerations from editorial decision-making. When we are choosing which stories to report and how to write them, our readers always come first.