OPEC Production Increased by 120,000 bpd in December 2022

oil production. OPEC. Bigstock

Nigeria’s production rebound owed largely to the discovery of a 2.5-mile illegal underwater pipeline, which had been operating for approximately nine years. According to the Nigerian National Petroleum Corporation, up to 600,000 bpd were lost daily due to the pipeline. However, following its discovery and various actions taken to combat illegal oil theft, production rapidly increased to 1.35 million bpd and is set to increase even further.

Despite the oil production increase across the organization, OPEC members continue to produce below the targeted amount, with production quotas producing 780,000 bpd less than initial targets. As such, OPEC continues to push for controlled recovery and curtailed output in a bid to stabilize markets.

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Onur Yilmaz

Onur Yilmaz