According to secondary sources, total OPEC-14 preliminary crude oil production averaged 29.44 million barrels per day (mb/d) in December, lower by 161,000 barrels per day (tb/d) month-on-month, Trend reports citing OPEC’s Monthly Oil Market Report.
Crude oil output increased mainly in Angola, while production decreased in Saudi Arabia, Iraq and the UAE, according to the report.
The share of OPEC crude oil in total global production decreased by 0.1 percentage points to 29.4 percent in December compared with the previous month. “Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.”
Preliminary data indicates that the global oil supply in December decreased by 0.06 mb/d to average 100.28 mb/d, compared with the previous month.
Non-OPEC supply (including OPEC NGLs) increased by 0.11 mb/d compared with the previous month to average 70.84 mb/d in December, higher by 1.55 mb/d y-o-y. Preliminary incremental production in December was mainly driven by the UK, Norway, Canada, Mexico and the US.
The 7th OPEC and non-OPEC Ministerial Meeting, held in December 2019, decided for an additional adjustment of 500 tb/d to the adjustment levels as agreed at the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting. These would lead to total adjustments of 1.7 mb/d. In addition, several participating countries, mainly Saudi Arabia, will continue their additional voluntary contributions, leading to adjustments of more than 2.1 mb.
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