OPEC output down in December

OPEC's production declined in December 2024, as the UAE scaled up implementation of supply cutbacks aimed at buoying global oil markets, a survey conducted by Bloomberg showed.

The organization's production decreased by 120,000 barrels per day (bpd) to 27.05 million bpd, after modest supply gains from Libya and Nigeria were offset by similar-sized reductions in Iran and Kuwait.

Nigeria's production rose by 40,000 bpd to 1.51 million bpd, while Libya's output reached 1.23 million bpd, the highest level in more than a decade.

Bloomberg survey is based on ship-tracking data, information from officials and estimates from consultants, including Kpler and Rystad Energy.