OPEC’s Production Holds Steady as Compliance Exceeds Planned Cuts

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. World Oil reports.

The 14 members of the Organization of Petroleum Exporting Countries pumped 32.47 MMbpd. according to a Bloomberg News survey of analysts. oil companies and ship-tracking data. Libya saw a 30.000-bpd decline to 970.000 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 MMbpd. OPEC and its allies agreed Nov. 30 to extend their output agreement until the end of 2018 to balance the market. The 12 OPEC members bound by output caps implemented 121% of their pledged cuts in December. the same as the prior month.

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