The rise of 120,000 barrels per day (bpd) in the Organisation of Petroleum Exporting Countries (OPEC) oil production has been traced to a rebound in Nigerian oil production in December.
In the month under review, OPEC pumped 29 million bpd, up by 120,000 bpd in November due to a recovery in Nigeria’s production from outages, according to a monthly Reuters survey.
With the low supply of oil, price hike and long queues in some Nigerian fuel stations, the survey further quoted Nigeria as the biggest laggard in the OPEC+ production quota, alongside other African OPEC members such as Angola.
Despite the increase in oil production last month, OPEC was still pumping well below the collective target of the ten members bound by the OPEC+ pact.
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The larger OPEC+ group moved to cut its collective production target by 2 million bpd in November to about 1.27 million bpd set to come from OPEC members.
“The 10 producers in OPEC with production quotas saw their combined oil output at 780,000 bpd below the target for OPEC for December. The shortfall slightly decreased from 800,000 bpd below the OPEC quota for November.
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