Report: OPEC Oil Production Decreases During December

A report published by Bloomberg News on Monday evening indicated that the production of the oil-producing and exporting countries alliance (OPEC) of crude oil declined during December, primarily driven by the efforts of the United Arab Emirates to implement supply cuts aimed at stabilizing prices in the global oil market, following recent declines in crude prices. According to the Bloomberg report, OPEC's oil production decreased by 120,000 barrels per day in December to reach 27.05 million barrels per day, with modest increases in production from Libya and Nigeria offset by declines in production from Iran and Kuwait, while the UAE's cuts outweighed these, after OPEC decided to postpone planned production increases in its last meetings. While most OPEC members adhered to production quotas this month, data indicate that the United Arab Emirates reduced its oil exports in December to their lowest level in 18 months, reflecting efforts to comply with OPEC's objectives. At the same time, the state-owned Abu Dhabi National Oil Company (ADNOC) reduced crude allocations for some Asian buyers in early 2025 and postponed a planned production increase of 300,000 barrels per day from January to April. Despite these measures, Bloomberg's estimates indicate that the United Arab Emirates' production in December, amounting to 3.2 million barrels per day, remained well above its agreed-upon OPEC quota.