OPEC output down in December as UAE, Iraq slash supply

New Petroleum Economist OPEC+ oil survey sees group improve compliance to ensure oil market stability going into 2025

OPEC oil output fell in December last year compared with November, as pressure mounted on its members to adhere to production cuts, a new independent monthly Petroleum Economist OPEC+ survey has found. Countries such as Iraq and the UAE continue to increase their capacity, but they have been reducing supply to maintain group cohesion. In December, nine OPEC members participating in the curbs produced 21.37m b/d last month, down from 21.48m b/d in November. They have committed to producing no more than 21.13m b/d of oil. Iraq produced 4.14m b/d in December, 60,000b/d less than a month earlier. In addition to increased pressure to comply with the cuts, there were reports of power disruptions a