• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 days Does Toyota Know Something That We Don’t?
  • 1 day America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Europe Set for 50 TWh Solar Power Boom in 2024

Europe Set for 50 TWh Solar Power Boom in 2024

Europe anticipates a significant increase…

ADNOC CEO: Global Energy Demand Growth Is Unsustainable

ADNOC CEO: Global Energy Demand Growth Is Unsustainable

According to ADNOC CEO Al-Jaber,…

OPEC Sees Production Rise In December Despite Cut Pledges

The Organization of Petroleum Exporting Countries produced more crude oil in December than it had in November, according to the group’s latest edition of its highly anticipated Monthly Oil Market Report.

For December, the group produced 26.7 million barrels of crude oil per day, up from 26.628 million barrels of crude oil per day the month prior. The output hike was primarily due to increased output from Nigeria, which saw its production rise from 1.319 million bpd to 1.418 million bpd, according to OPEC’s secondary sources. Iraq also saw its production increase from 4.269 million bpd to 4.292 million bpd.

Other OPEC members saw their output drop, including Saudi Arabia (-12,000 bpd), Kuwait (-23,000 bpd), Iran (-11,000 bpd) and others.

OPEC may be battling internally its members’ compliance to its own production cuts, but it also must battle outside forces, including U.S. crude oil production, which rose by nearly 1 million bpd in 2023, according to OPEC’s latest estimates shared on Wednesday. According to OPEC, U.S. production is estimated to have reached 12.89 million bpd last year—up .98 million bpd from the year prior. OPEC sees U.S. crude oil rising even further this year, to 13.23 million bpd, and to 13.61 million bpd in 2025. This is close to the EIA’s projections, which call for 2024 production of 13.21 million bpd. Meanwhile, Chinese demand growth for crude oil is slowing, CEO of commodities trader Mercuria Energy group said on Wednesday.

According to Mercuria, OPEC could need to cut production even further than it already has in order to keep prices at current levels.

Brent crude oil is trading at $77.11 per barrel as of 1:00 pm ET—down from $79.80 per barrel this same time last year.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News