IEA: OPEC + oil production in December was below the plan by 1.77 million barrels per day
[ad_1]
The combined level of oil production of OPEC+ member countries in December last year was below the target by 1.77 million b/d. Over the month, production decreased by 50 thousand b/d and amounted to 38.33 million b/d in December, follows from the January report International Energy Agency.
According to the IEA, Russia in December reduced oil production by 30,000 bpd to 9.77 million bpd. Only Saudi Arabia (10.48 b/d) managed to maintain the level of production at the same level in OPEC +, while Nigeria was able to increase production (from 1.15 million to 1.23 million b/d).
On October 5, 2022, the OPEC+ alliance reduced oil production quotas. Saudi Arabia and Russia insisted on reaching an agreement, which is the informal leader of the association, since it accounts for 14% of world oil production. December 4 OPEC+ countries decided to keep the oil production plan adopted in October against the backdrop of the approval of the EU and G7 ceiling on Russian oil prices at $60 per barrel. The next meeting of the OPEC+ Ministerial Monitoring Committee is due on February 1.
How the new oil restrictions will affect Russia, read the material “A ceiling hung over diesel fuel”.
[ad_2]
Source link
