Oil production from the Organisation of the Petroleum Exporting Countries (OPEC) edged up by 20,000 barrels per day to 29.72 million b/d in December from 29.70 million b/d in November last year after a boost in production from Saudi Arabia, Iran and Nigeria.
"OPEC production, which some feared would blast through all predictions of what the group needed to produce, is hanging around a level that won't tank the market and won't let prices soar on the world's various disruptions," said John Kingston, global director of news for Platts, a global provider of energy, petrochemicals and metals information.
Despite the small increase, collective OPEC production has now been below the group's 30 million b/d ceiling since September 2013. Last year's December and November totals mark the lowest volumes since mid-2011 when the uprising in Libya reduced the country's production to a trickle.
Saudi Arabia boosted output by 50,000 b/d to 9.8 million b/d after having cut back from levels of around 10 million b/d during the high-domestic-demand summer months to 9.75 million b/d in October and November.
Nigeria, with Bonga crude oil back in the export program after field maintenance in November, increased output by 40,000 b/d to 1.92 million b/d.
Iranian output increased by 30,000 b/d to 2.75 million b/d. Ecuador and the UAE also boosted production, by 10,000 b/d each. However, Iraqi output fell by 80,000 b/d to 3.02 million b/d, and that of Kuwait and Venezuela by 20,000 b/d each.
