OPEC+ misses oil production target by 284,000 barrels per day in December

OPEC+ countries participating in the oil production cut deal reduced oil production by 64,000 barrels per day (bpd) in December and produced 284,000 bpd below the plan, accounting for voluntary cuts and compensations, Report informs via TASS citing OPEC's January report.

Excluding Libya, Iran, and Venezuela, which are exempt from the deal, the alliance's production volume was 35.164 million bpd. Considering all voluntary restrictions and compensation schedules planned for December, OPEC+ countries should have produced 35.448 million bpd. Thus, the alliance was producing 284,000 bpd below the plan.

The volume of oil production compensations by OPEC+ "debtors" in December, according to the latest published schedule, should have been 110,000 bpd from Iraq and 54,000 bpd from Kazakhstan.

Iraq reduced production by 22,000 bpd to 4.019 million bpd in December but was still producing 129,000 bpd above the OPEC+ deal target. Kazakhstan decreased production by 35,000 bpd to 1.442 million bpd, producing 28,000 bpd above the plan. Several African countries again produced below OPEC+ agreements: South Sudan (72,000 bpd below), Sudan (37,000 bpd), Congo (14,000 bpd), and Equatorial Guinea (8,000 bpd).

Nigeria managed to increase production by 30,000 bpd to 1.507 million bpd in December, exceeding the OPEC+ deal target for the first time in a long while.

Among OPEC countries not participating in the OPEC+ deal, Libya's production increased by 53,000 bpd to 1.29 million bpd, Iran's production decreased by 12,000 bpd to 3.314 million bpd, and Venezuela's production grew by 9,000 bpd to 886,000 bpd.

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