A study conducted by Reuters on Friday revealed that the Organization of the Petroleum Exporting Countries (OPEC) increased its oil production in December, reaching 27.88 million barrels per day. This was an increase of 70,000 barrels per day compared to November, before the agreed reductions for the year 2024 and Angola’s departure from the organization.
According to the survey, OPEC’s oil production increased in December as a result of increased production in Iraq, Angola, and Nigeria, which offset the reductions announced by Saudi Arabia and other members of the broader OPEC+ agreement to support the market.
According to the survey, the OPEC pumped 27.88 million barrels per day last month, an increase of 70 thousand barrels per day compared to November. In annual terms, production decreased by over a million barrels per day compared to the same month in 2022.
This increase occurs before the additional reductions by “OPEC+” in 2024 and Angola’s departure from the organization, which could lead to a decrease in production in January and a decrease in the organization’s market share. The market share of OPEC has already decreased due to production restrictions and the departure of some members.
The report discovered that the largest increases in December came from Iraq and Angola, with a total of 60,000 barrels per day, after the countries increased their exports. Nigeria sent more crude oil overseas without yet starting to pump petroleum products from the new Dangote refinery.
The following paragraph is based on a Reuters report that aims to track supply in the market, using shipping data provided by external sources and Refinitiv Eikon data, as well as information from companies that monitor flows like Petro-logistics and Kepler, and also information from sources in oil companies, OPEC, and consulting firms.
