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OPEC production falls in December, signals oil market rebalancing

OPEC production falls in December, signals oil market rebalancing

Jan 18, 2017
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OPEC group's oil production in December pulled back from a record high as the group and non-members cut production in compliance with a supply-reduction agreement to speed up a market rebalancing.

The Organization of the Petroleum Exporting Countries, excluding Indonesia, pumped 33.085 million barrels per day (bpd) last month, according to figures OPEC collects from secondary sources, down 221,000 bpd from November, OPEC said in a monthly report.

Crude oil output increased the most in Iraq, Angola and Libya, while production in Saudi Arabia, Nigeria and Venezuela showed the largest decline.

The November OPEC production figure was the highest since at least 2008.

As well as reporting lower output from its own members, OPEC cut its forecast of supply in 2017 from non-member countries following pledges by Russia and other non-members to join OPEC in limiting output.

OPEC now expects non-OPEC supply to rise by 120,000 bpd this year, down from growth of 300,000 bpd last month, despite an upwardly revised forecast of U.S. supply.

Downward revisions to Russia, Kazakhstan, China, Congo and Norway, were partially offset by a 230,000 bpd upward adjustment to US supply.

Combined global oil supply decreased by 300,000 bpd in December to average 96.9 million bpd, with OPEC’s share of total production at 34.1 per cent, down by 0.1 per cent from the month before. 

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