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Not much demand destruction showing up here. Saudis set price and let quantity adjust to world demand. Can take a few months to show up due to the ‘supply chain’ that can expand and contract.

OPEC’s Oil Output fell 0.2% in October, Survey Shows

New York, Nov. 3 (Bloomberg) — Crude-oil production from the 13 OPEC
members in October declined 70,000 barrels a day from September, the latest
Bloomberg survey of producers, oil companies and industry analysts shows.
Figures are in the thousands of barrels a day.

Opec Production
October 2008

Opec Country October Est. Sept. Monthly Output Nov. 1 Change Est. vs. Target Est. Target Est. Cap. (@)
Algeria 1,400 1,400 0 1,286 114 1,450
Angola 1,875 1,800 75 1,801 74 2,000r
Ecuador 500 500 0 493 7 500
Indonesia* 850 865 -15 a’ a’ 900
Iran 3,900 3,950 -50 3,618 282 4,100
Iraq* 2,235 2,165r 70 2,500
Kuwait# 2,600 2,580r 20 2,399 201 2,650
Libya 1,750 1,720 30 1,623 127 1,800r
Nigeria 1,920 1,940r -20 2,050 -130 2,500r
Qatar 870 870r 0 785 85 900
Saudi Arabia# 9,350 9,450 -100 8,477 873 10,800
U.A.E 2,580 2,650 -70 2,433 147 2,800
Venezuela 2,350 2,360 -10 2,341 9 2,500
Total OPEC-13 32,180 32,250r -70 35,400r
Total OPEC-11* 29,095 29,220r -125 27,308 1,787 32,000r

*Quotas effective Nov. 1, 2008. OPEC agreed at its Oct. 24 meeting to cut
its quota target by 1.5 million barrels a day, to 27.308 million barrels
daily from Nov. 1. The new target excludes Iraq, which has no formal quota,
and Indonesia who leaves OPEC at year-end.


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