Opec Raised Oil Exploration to 30.5 Mil Barrels/D in Nov 2005

Opec raised its oil exploration to 30.5 mil barrels/d in Nov 2005, up 600,000 barrels/d from Oct 2005. This puts the Opec’s production back to the maximum levels of 25 years ago. Saudi Arabia, the largest oil producing country in the world, mined 9.6 mil barrel/ d of oil in Nov 2005 compared to 9.15 mil barrels/d in Oct 2005. Iraq’s oil production grew to 1.9 mil barrels/d in Nov 2005 from 1.75 mil barrels/d in Oct 2005. Iran’s production remained unchanged, coming to 3.9 mil barrels/d.