OPEC pumped 29.72 ml barrels per day of crude oil in Dec

Oil production from the Organisation of the Petroleum Exporting Countries (OPEC) edged up by 20,000 barrels per day to 29.72 million b/d in December from 29.70 million b/d in November last year after a boost in production from Saudi Arabia, Iran and Nigeria.

"OPEC production, which some feared would blast through all predictions of what the group needed to produce, is hanging around a level that won't tank the market and won't let prices soar on the world's various disruptions," said John Kingston, global director of news for Platts, a global provider of energy, petrochemicals and metals information.

Despite the small increase, collective OPEC production has now been below the group's 30 million b/d ceiling since September 2013. Last year's December and November totals mark the lowest volumes since mid-2011 when the uprising in Libya reduced the country's production to a trickle.
 

Saudi Arabia boosted output by 50,000 b/d to 9.8 million b/d after having cut back from levels of around 10 million b/d during the high-domestic-demand summer months to 9.75 million b/d in October and November.

Nigeria, with Bonga crude oil back in the export program after field maintenance in November, increased output by 40,000 b/d to 1.92 million b/d.

Iranian output increased by 30,000 b/d to 2.75 million b/d. Ecuador and the UAE also boosted production, by 10,000 b/d each. However, Iraqi output fell by 80,000 b/d to 3.02 million b/d, and that of Kuwait and Venezuela by 20,000 b/d each.