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OPEC+ Raised Oil Output In December, According To Platts

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OPEC+ Raised Oil Output In December, According To Platts

(CTN News) – In December 2023, OPEC+ countries produced 42.73 million barrels of crude oil per day, an increase of 130,000 barrels per day (bpd), according to the Platts survey by S&P Global Commodity Insights.

Over the past month, OPEC’s crude oil output increased by as much as 160,000 barrels per day (bpd) compared to November, for a total of 27.98 million barrels per day. OPEC+’s ten non-producers, on the other hand, produced 14.75 million barrels per day, down 30,000 barrels per day from November.

The OPEC+ cuts for 2023 ended in December.

New cuts of around 900,000 barrels per day (bpd) will come into effect in January for the first quarter of 2024.

Reuters reported last week that increased its crude oil production in December, pumping 27.88 million barrels per day collectively.

According to the survey, OPEC’s production rose by an average of 70,000 barrels per day, with production increases seen in Iraq, second-largest producer, as well as in Angola — which accounted for 60,000 barrels per day of the average. The production of oil in Nigeria also increased.

As a result, Saudi Arabia, the world’s largest crude oil exporter and the top crude oil producer in the group, saw its crude oil production decline.

In December, OPEC’s crude oil production increased from November, but it was still approximately 1 million barrels per day below December 2022 levels.

The Organization of Petroleum Exporting Countries (OPEC) and its partners, led by Russia, agreed to reduce their combined crude oil production to approximately 2.2 million barrels per day at their latest meeting. The largest reductions were again agreed to by Saudi Arabia.

It should be noted, however, that production wind-downs are rarely immediate and usually require a period of transition. This increase may indicate that the group will not be able to meet its own rates for January as a result of December’s increase.

In an earlier report, it was reported that OPEC+ will hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February to monitor compliance with the agreement.

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