OPEC produced 32.28 million barrels per day (b/d) in December.
That’s a decrease of 132,000 b/d on lower volumes from Iraq, Nigeria and Saudi Arabia, according to new data from Platts.
Production from Saudi Arabia dropped by 50,000 b/d but output remains above 10 million b/d, a mark it has consistently exceeded since March last year, the report stated.
Iraq’s output fell by 50,000 b/d to 4.25 million b/d from an “adjusted” November volume of 4.3 million b/d, it added.
Nigerian output also dipped to 1.86 million b/d.
Iran is estimated to have produced 2.89 million b/d in December, an increase of 10,000 b/d from November.
The nation’s crude output and exports are expected to rise in the coming months as Iran said it plans to double its oil exports to two million b/d within six months of the removal of sanctions.
Margaret McQuaile, Senior correspondent for Platts said: “Collapsing oil prices and oversupply used to be a recipe for, at the very least, an emergency OPEC meeting. That is no longer the case, however and Saudi Arabia and its Gulf allies appear to be as committed to their laissez-faire production policy as they ever were. Without the support of these countries for an emergency meeting, it seems unlikely that one will take place – in the very short term, at any rate.”