Platts survey: December OPEC oil output fell to 30.74 mil. barrels per day

The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped an average 30.74 million barrels per day (b/d) of crude oil in December, according to a Platts survey of OPEC and oil industry officials just released. This is a decline of 640,000 b/d from the November level of 31.38 million b/d. The total includes Indonesia, which left the oil producer group at the end of the year.

Excluding Indonesia, production from the other 12 members fell by 630,000 b/d to 29.86 million b/d from the November estimate of 30.53 million b/d, the survey showed.


“This is nowhere near the amount of cuts needed if OPEC wishes to balance the market, and OPEC knows it,” said Platts Global Director of Oil John Kingston. “That’s why they were willing in December to make further cuts to production. Outside of the price, the most important number to watch in coming weeks is OPEC’s actual production in January.”

Oil Online