The Organization of the Petroleum Exporting Countries (OPEC)
pumped 26.46 million barrels per day in December 2024, down 50,000 bpd a month
ago, with the UAE providing the biggest drop.
The modest decline in output came as the wider OPEC Plus
group kept production cuts in place in December due to global demand concerns
and rising output outside the group. OPEC Plus decided last month to postpone
its plan to start raising output until April.
OPEC's biggest drop, of 90,000 bpd, came from the UAE, field
maintenance was the reason for the decline, and output was recorded at 2.85
million bpd
Iran's output, which hit the highest since 2018 last year
despite US sanctions, fell by 70,000 bpd. It may soon be curbed by tighter
sanctions from the administration of incoming US President Donald Trump,
Goldman Sachs and other analysts have forecast.
OPEC's top two producers, Saudi Arabia and Iraq, kept output
steady and the group pumped below its implied target for the nine members
covered by supply agreements, the survey found.
Nigeria exceeded its target by the largest amount.
While the UAE and Iraq pumped below their targets and November
data provided by OPEC's secondary sources puts them not far above, other
estimates such as those of the International Energy Agency suggest they are
pumping significantly more.
Among countries boosting output, Nigeria raised production
by 50,000 bpd, reflecting higher domestic usage in refineries such as Dangote
and higher exports. Nigeria said in December it had resumed some
operations at its Warri refinery after years of shutdowns.
Libyan output also rose by 50,000 bpd, continuing a recovery
after the resolution of a dispute over control of the central bank that had led
to production cuts. The country is exempt from OPEC Plus agreements to limit
output.
The Reuters survey aims to track supply to the market and is
based on flows data from financial group LSEG, information from other companies
that track flows such as Kpler, and information provided by sources at oil
companies, OPEC and consultants.