OPEC performance of Vienna Agreement was 126% of target - report

Member-states of the Organization of Petroleum Exporting Countries ramped up oil production by 166,000 barrels daily to 27.88 mln barrels per day, OPEC said in its January report. Performance of the OPEC+ oil production limiting deal was 126% in December, compared to 122% one month earlier, TASS reports. 

According to the report, Saudi Arabia increased oil production by 61,000 barrels per day monthly to 9.93 mln barrels per day in December 2021. Iraq’s oil production moved up by 28,000 barrels daily to 4.27 mln barrels per day. Angola scaled up oil production by 85,000 barrels a day to 1.16 mln barrels daily, Oil production in the UAE moved up by 28,00 barrels a day to 2.88 mln barrels daily.

Ten out of thirteen OPEC members participate in the OPEC+ oil production limiting agreement because Iran, Libya and Venezuela are exempt from restrictions. Agreement participants produced 23.83 mln barrels of crude oil per day in December 2021, compared to 24.3 mln barrels per day allowed under terms of the deal.


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