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Organisation Of Petroleum Exporting Countries (Production)

Volume 975: debated on Tuesday 11 December 1979

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asked the Secretary of State for Energy if he will list by countries the production of the several members of the Organisation of Petroleum Exporting Countries in barrels per day last year and the cuts each has agreed to make in production either in 1979 or 1980 to maintain or enhance world crude oil prices.

Production levels for 1978 were mainly established before the world supply pattern was disrupted by events in Iran. The following table gives the production for each member of OPEC for 1978 and the first nine months of 1979.

Million barrels/day
19781979
Saudi Arabia*8·39·5
Iran5·22·9
Iraq2·73·4
Kuwait*2·12·5
United Arab Emirates1·81·8
Qatar0·50·5
Venezuela2·22·3
Nigeria1·92·4
Libya2·02·1
Indonesia1·61·6
Algeria1·31·2
Gabon0·20·2
Ecuador0·20·2
* includes one-half of production in the Neutral Zone.
Source: Petroleum Intelligence Weekly.
The introduction of production limits is not necessarily simply, or mainly, to maintain or enhance world crude prices; there may be other reasons. I have no definite information about the level of production limits likely to be applied in practice during 1980.