Excluding
"This is nowhere near the amount of cuts needed if OPEC wishes to balance the market, and OPEC knows it," said Platts Global Director of Oil John Kingston. "That's why they were willing in December to make further cuts to production. Outside of the price, the most important number to watch in coming weeks is OPEC's actual production in January."
Production from the 11 members bound by OPEC output agreements--excluding
This left the OPEC-11 exceeding their 27.308 million b/d ceiling by around 200,000 b/d in December. That ceiling has now been superseded by a new output limit of 24.845 million b/d, agreed at OPEC's December 17 meeting in
Most OPEC members reduced output, with the biggest single cut coming from
Combined reductions totaling 710,000 b/d were partly offset by 70,000 b/d in increases from
For production numbers by country, view this table. For related and other energy information visit Platts online.
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SOURCE Platts