The combined production of crude oil for the OPEC+ group grew by 140,000 barrels per day (bpd) to 42.71 million bpd last December, but the alliance was still 1.8 million bpd below its target.
In a survey conducted by S&P Global Commodity Insights, it was also discovered that Russian production was mostly unchanged, while Nigeria recorded a rebound in output to a several-month high.
In a Reuters’ monthly survey published last week, the rebound by Nigeria was tagged as being responsible for the OPEC-only production estimated to have risen by 120,000 bpd in December from November.
Despite the increase in oil production last month, OPEC was still pumping well below the collective target of the ten members bound by the OPEC+ pact. Â
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The larger OPEC+ group moved to cut its collective production target by 2 million bpd in November—about 1.27 million bpd set to come from OPEC members.
The 10 producers in OPEC with production quotas saw their combined oil output at 780,000 bpd below the target for OPEC for December, according to the Reuters survey from last week.
The shortfall slightly decreased from 800,000 bpd below the OPEC quota for November. Earlier last week, Bloomberg published a survey of OPEC’s production also indication a Nigeria influenced rise in output for December, by 150,000 bpd over November.
OPEC is expected to publish its official production figures next week in its Monthly Oil Market Report (MOMR) for January.
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In the larger OPEC+ group, the wild card in production is the biggest non-OPEC member of the OPEC+ alliance, Russia, which is expected to see its production decline as the EU embargoes and the price caps on crude and products take full effect in February. At the end of December, Russia’s Deputy Prime Minister Alexander Novak said that Russia could reduce its oil output by 500,000 bpd to 700,000 bpd in response to the oil price cap.
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