Note 14 of 18 members short....
OPEC+ hikes December oil output, but falls well short of quotas again. OPEC pumps 28.04mbpd of crude, non-OPEC adds 13.98mbpd. Compliance hits 116.5%. Venezuela, Kazakhstan biggest gainers; Libya, Nigeria hit by outages
Reference:
"OPEC+ hikes December oil output, but falls well short of quotas again: Platts survey"
The gap between OPEC+ crude oil quotas and production has widened, as the group's steady loosening of its pandemic cuts once again outpaced actual output gains in December, according to the latest S&P Global Platts survey.
OPEC's 13 countries pumped 28.04 million b/d of crude, up 190,000 b/d from November, while nine non-OPEC partners pumped 13.98 million b/d, an increase of 120,000 b/d, the survey found.
Gains by Venezuela, Kazakhstan, Saudi Arabia, Iraq and Angola far outstripped losses by Libya and Nigeria, making December the 10th straight month that OPEC+ output increased.
However, 14 out of the 18 members with quotas fell short of their targets, including even its largest producer Russia, whose compliance rose above 100% for the first time since February, when severe winter temperatures shut in wells and reduced pipeline flows.
