The rise in output in December came despite an agreement by the wider OPEC+ alliance to cut production to support the market
OPEC oil output rose in December led by a recovery in Nigerian supply from outages, a Reuters survey found on Wednesday, despite an agreement by the wider OPEC+ alliance to cut production to support the market.
Nigeria has been battling for months with crude theft and insecurity in its oil-producing region, hitting output. Many Nigerian crude streams produced more in December, sources in the survey said, with some companies citing improving security. Their decision from November called for a 2 million bpd cut in the OPEC+ output target, of which about 1.27 million bpd was meant to come from the 10 participating OPEC countries. The same target applied in December.
Output is still undershooting targeted amounts as many producers – notably Nigeria and Angola – lack the capacity to pump at the agreed levels.
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