OPEC December oil output rises by 70,000 bpd
(Reuters) - The crude output by OPEC rose to 70,000 bpd in December and November.
OPEC and allies, known as OPEC+, agreed to cut their output target by 2 million barrels per day from November 2022 through 2023. As part of this, the 10 OPEC members bound by the deal had a target to produce 25.416 million bpd.
In addition, several OPEC+ members in April 2023 pledged additional voluntary cuts of 1.66 million bpd with effect from May 2023, of which OPEC's share amounts to 1.039 million bpd.
Saudi Arabia said in June it would make an extra voluntary cut of 1 million bpd for July, which it later extended to include the rest of 2023.
All of these cut decisions bring the implied OPEC target for December to 23.377 million bpd, based on Reuters calculations. A new round of cuts comes into effect this month.
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