MOSCOW, January 18. /TASS/. OPEC+ countries in December reduced oil production by 50,000 barrels per day (bpd), lagging behind the alliance's production plan by 1.77 mln bpd, according to the report of the International Energy Agency (IEA).
The volume of oil production by the members of the alliance decreased by 50,000 bpd compared to November and reached 38.33 mln bpd. At the same time, the target level of production by OPEC+ countries for December amounted to 40.1 mln bpd. As a result, the lag from the plann amounted to 1.77 mln bpd.
According to the IEA, Russia lowered its oil production (excluding gas condensate) by 30,000 bpd in December to 9.77 mln bpd, producing 710,000 bpd less than planned. At the same time, Saudi Arabia maintained output at 10.48 mln bpd, having completely met its obligations under the OPEC+ agreement.
At a meeting on October 5, the countries participating in the OPEC+ deal decided to lower output by 2 mln bpd beginning in November and to prolong the agreement through the end of 2023. The OPEC+ agreement's quotas as of August 2022 were used to calculate the reduction in oil output. The statement issued at the end of the meeting said that the decision to restrict production was reached with uncertainties in both the global economy and the oil market in mind. The countries of the alliance voted to preserve the current oil production plan during a meeting on December 4.
The next meeting of the OPEC+ monitoring committee will be held on February 1, 2023, and the general meeting of the alliance is scheduled for June 4, 2023.