According to a survey conducted by S&P Global Platts, OPEC’s crude oil output in December decreased by 630,000 barrels per day month on month to 32.43 million bpd.
“Stripping out Qatar, which exited OPEC at the end of the month, and Iran, Libya and Venezuela, which were granted exemptions from the latest round of cuts, the remaining 11 members pumped 26.89 million b/d — almost 1 million b/d above their collective ceiling of 25.94 million b/d, which went into effect January 1,” the publication read.
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