OPEC output down in December as UAE, Iraq slash supply
New Petroleum Economist OPEC+ oil survey sees group improve compliance to ensure oil market stability going into 2025
OPEC oil output fell in December last year compared with November, as pressure mounted on its members to adhere to production cuts, a new independent monthly Petroleum Economist OPEC+ survey has found. Countries such as Iraq and the UAE continue to increase their capacity, but they have been reducing supply to maintain group cohesion. In December, nine OPEC members participating in the curbs produced 21.37m b/d last month, down from 21.48m b/d in November. They have committed to producing no more than 21.13m b/d of oil. Iraq produced 4.14m b/d in December, 60,000b/d less than a month earlier. In addition to increased pressure to comply with the cuts, there were reports of power disruptions a
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
