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Fundamentals

Opec-Plus: Alliance Ends Record Year for Production Growth

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Crude oil production by Opec-plus increased 210,000 barrels per day in December to 44.37 million b/d, while output by the 19 members with a quota grew 175,000 b/d to 38.18 million b/d. December was the second month of the 2 million b/d cut approved in October, and yet Opec-plus 19 only removed 250,000 b/d from the physical market over Nov.-Dec. At the time of the decision, alliance leaders suggested that the new target could siphon 1 million-1.2 million b/d from physical markets, but this has not materialized. The alliance did manage to slash the onerous shortfall — the discrepancy between production targets and actual output — from 3.68 million b/d in October to 2 million b/d last month.

Topics:
Crude Oil, Oil Supply, Opec-Plus Supply
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