2024-01-14T09:15:40+00:00
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/ OPEC+ crude oil production rose by 130,000 barrels per day (bpd) on a monthly basis in December to 42.73 million bpd, driven by production increases in Iraq, as well as the group’s largest African producers, according to the latest Platts survey conducted by S&P Global Commodity Insights.
OPEC’s 13 members produced 27.98 million barrels per day, up 160,000 bpd from November, while its 10 non-OPEC allies, led by Russia, produced 14.75 million bpd, down 30,000 bpd during the month.
Saudi Arabia, OPEC’s largest producer and the leader of the alliance’s drive for output discipline, continued to keep its output at its lowest since the height of the pandemic, pumping 8.95 million barrels per day in December, while Russia held steady at 9.43 million barrels per day, the survey found. Both are just below their production quotas under the latest OPEC+ deal.
But the discipline was offset by a 60,000 bpd increase from Iraq, which is seeing increased production from its Kurdistan region as well as higher domestic crude consumption for power generation. Iraq’s output of 4.35 million bpd in December was well above its quota of 4.22 million bpd, and its habitual non-compliance has led to calls from other members for tighter quota enforcement.