Opec oil production continues decline as non-Opec rates improve

15 March 2012

While non-Opec decline rates have improved, OPEC production has been facing the opposite problem, according to a report by Bank of America Merrill Lynch. The IEA estimates that Opec's existing production base is declining at a rate of 4.5% per year, compared to 3.9% a year ago, and 3.3% the year prior. Key drivers of falling output rates in OPEC include Saudi Arabia, who has not added a major new project since the massive 1.2 million Khurais field in 2009, and Iran. The rise in Opec decline rates comes as a result of sanctions, geopolitical risks, mature basins and negative real interest rates.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications