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OPEC production Steady Before Production Cutback: Bloomberg

OIL

OPEC’s crude production was steady in December before the start of the voluntary production cuts, according to a Bloomberg survey.

  • OPEC produced an average of 28.05m b/d in December, with reductions in the UAE and Angola offset by boosts from Nigeria.
  • The UAE saw the largest fall, down 70k b/d to 3.08m b/d, but leaving the country still above quota for December.
  • Angola left the bloc in December but saw its output fall by 40k b/d to 1.1m b/d.
  • Nigeria’s supply rose by 50k b/d to 1.49m b/d.
  • Bloomberg added that Iraq will need to cut its output by 290k b/d to meet its January target.
  • OPEC+ will hold an online monitoring meeting on Feb. 1 with ministers to meet in Vienna in June.

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