2024-01-14T09:15:40+00:00
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/ OPEC+ crude oil production rose by 130,000 barrels per day on a monthly basis in December to 42.73 million barrels per day, 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.
The 13 OPEC members produced 27.98 million barrels per day, an increase of 160 thousand barrels per day from November, while its ten non-OPEC allies, led by Russia, produced 14.75 million barrels per day, a decrease of 30 thousand barrels per day during the month.
The survey found that OPEC’s largest, Saudi Arabia, which has led the coalition’s push for production discipline, continues to keep its output at its lowest level since the height of the pandemic, pumping 8.95 million barrels per day in December, while Russia has kept its output steady at 9.43 million barrels per day. Both are just below production quotas under the recent OPEC+ deal.
But this discipline was met with an increase of 60,000 barrels per day from Iraq, which is witnessing increasing production from the Kurdistan Region, as well as high domestic crude oil consumption for power generation. Iraq’s production of 4.35 million barrels per day in December was well above its quota of 4.22 million barrels per day, and its usual non-compliance has led to demands from other members for tighter quota enforcement.