OPEC Output Down 250,000 Barrels Per Day in December, According to Platts

OPEC crude production fell by 250,000 b/d in December to average 29.8-mil b/d over the month as Iraq’s output and export difficulties intensified and pipeline sabotage shut in some Nigerian production, a Platts survey of OPEC and oil industry officials shows. A 50,000 b/d decline in Saudi production also contributed to the decline from November’s 30.05-mil b/d.

It was the first time the group’s output had fallen below 30-mil b/d since last spring. OPEC production was last below the 30-mil b/d level in April last year when it averaged 29.96-mil b/d.
Advanced Financial Network