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OPEC oil output rose in December despite an agreement by the wider OPEC+ alliance to cut production targets to support the market. The rise was led by recovering output in Nigeria, which has been battling with crude theft and insecurity in its oil-producing region. This output has weakened compliance with the 2 million bpd cut to OPEC+ output target announced in November 2022.

OPEC Oil Output Rises Despite Production Target Cuts

OPEC oil output rose in December despite an agreement by the wider OPEC+ alliance to cut production targets to support the market. The rise was led by recovering output in Nigeria, which has been battling with crude theft and insecurity in its oil-producing region. This output has weakened compliance with the 2 million bpd cut to OPEC+ output target announced in November 2022.

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