Based on the results of December 2023, the countries involved in the OPEC+ agreement increased oil production by 60,000 barrels per day (bpd) to 35.07 mln bpd, as follows from the January report of the International Energy Agency (IEA). However, taking into account voluntary cuts, the lag from planned production indicators turned out to be 390,000 bpd, the agency says.
According to the IEA, Saudi Arabia increased production by 30,000 bpd, to 8.95 million bpd. Russia reduced production by 20,000 bpd, to 9.48 mln bpd.
As of December 2023, the target level of production by OPEC+ countries under the deal, taking into account voluntary cuts, was 35.46 million bpd, and actual production was 35.07 million bpd. At the same time, the IEA did not take into account production data from Angola, which announced its withdrawal from OPEC in December.
Nigeria is falling behind the established quotas more than other OPEC+ states. With a target production level of 1.74 million bpd, the country produced 1.35 million bpd in December. The country does not participate in voluntary reductions in oil production.
In addition, Saudi Arabia is further cutting production by another 1 million bpd from July last year until the end of the first quarter of 2024. From September until the end of March next year, Russia reduces oil supplies to world markets by 300,000 bpd. In August, supplies were reduced by 500,000 bpd. Several more OPEC+ countries are cutting production by 700,000 bpd in the first quarter of 2024.
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