OPEC Holds Production Steady as Compliance Exceeds Promised Cuts

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A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger
  • Group pumped 32.47 million barrels a day in December: survey
  • Libya output disruption offset by increase in Nigerian barrels

OPEC’s crude production held steady in December as the group approached a fresh year of output curbs in full compliance with its supply deal.

The 14 members of the Organization of Petroleum Exporting Countries pumped 32.47 million barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.
Steady as She Goes

Mixed picture among OPEC members shows overall output curbs maintained.

Source: Bloomberg survey

Note: Ecuador, Equatorial Guinea, Gabon, U.A.E excluded since their output was unchanged

Libya saw a 30,000-barrel-a-day decline to 970,000 a day following a pipeline blast, which was offset by an increase from Nigeria. Both countries were exempt from cuts last year but are now expected to join the effort with a combined limit of 2.8 million barrels a day. OPEC and its allies agreed Nov. 30 to extend their output agreement until the end of 2018 to balance the market.

Production in Saudi Arabia, OPEC’s biggest member, slipped by 20,000 barrels a day to 9.95 million a day, the surveyed showed. Venezuela, which has suffered a slump in output amid economic collapse and U.S. sanctions, reduced volumes by a further 50,000 barrels a day to 1.81 million a day.

The 12 OPEC members bound by output caps implemented 121 percent of their pledged cuts in December, the same as the prior month, the survey showed.

— With assistance by Wael Mahdi, Anthony Dipaola, Mohammed Sergie, Stephan Kueffner, and Fabiola Zerpa

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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