OPEC’s December Crude Production Averages 28.05mbpd

The Organisation of Petroleum Exporting Countries (OPEC) pumped an average of 28.05 million barrels a day, MMbpd in December as it persevered with supply restraints agreed earlier in the year.

Equally, reductions by the United Arab Emirates and Angola were offset by other countries such as Nigeria.

Production is set to fall further this month, as the wider coalition known as OPEC+ begins additional cuts of roughly 900,000 bpd in a bid to stave off a new surplus and defend flagging crude prices.

Oil futures have slumped roughly 20 per cent since they neared $100 a barrel, four months ago, amid surging supplies from the U.S. and OPEC’s other rivals.

The extra crude could prove too much for global fuel demand, which is projected to see considerably slower growth this year.

The UAE made last month’s biggest supply reduction, cutting by 70,000 bpd to 3.08 MMbpd. That still left the country’s output above its quota for December, and also higher than a new, increased target that takes effect this month.

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