MOSCOW, January 15. /TASS/. OPEC+ countries lowered oil production by 64,000 barrels per day (bpd) in December 2024 and were producing 284,000 bpd below the target with consideration of voluntary cuts and compensations, the OPEC said in its January report.
The oil production volume was 35.164 mln bpd without Iran, Libya and Venezuela exempted from performance of the agreement. OPEC+ countries were to produced 35.448 mln bpd subject to all voluntary restrictions and compensations for December. The OPEC+ therefore was producing 284,000 bpd of oil below the target.
According to the latest released schedule, compensations were to be 110,000 bpd from Iraq and 54,000 bpd from Kazakhstan in December 2024.