Crude oil production by the Organisation of Petroleum Exporting Countries (OPEC) remained steady last month before the onset of new supply cutbacks by the group and its allies, with Nigeria boosting output by 50,000 bpd, a survey by Bloomberg has found.
The survey was based on ship-tracking data, information from officials, and estimates from consultants, including Kpler Ltd., Rapidan Energy Group, and Rystad Energy A/S.
OPEC pumped an average of 28.05 million barrels a day in December as it persevered with supply restraints agreed earlier in the year as reductions by the United Arab Emirates and Angola were offset by other countries such as Nigeria.“Supply declines from these two members were tempered by increases elsewhere.
“Nigeria bolstered supplies by 50,000 barrels a day to 1.49 million a day in December, in line with a revised quota that it successfully negotiated for this year,” the report said.
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