Shafaq News/ The Organization of the Petroleum Exporting Countries (OPEC) increased its December 2022 production, according to the Monthly Oil Market Report (MOMR).

OPEC-13’s average December production rose by 91,000 bpd, to 28.971 million bpd, with nearly all of the gains coming from Nigeria.

Nigeria’s crude oil production rose by 91,000 bpd in December to 1.267 million bpd, with production also rising in Angola (+42,000 bpd), Iran (+9,000 bpd), Libya (+17,000 bpd), Saudi Arabia (+4,000 bpd), and Venezuela (+13,000 bpd).

Kuwait’s crude oil production fell by 35,000 bpd. Other losses were seen in Algeria (-11,000 bpd), Congo (-18,000 bpd), Equatorial Guinea (-1,000 bpd), Gabon (-6,000 bpd), Iraq (-4,000 bpd), and the UAE (-9,000 bpd).

OPEC’s share of global crude oil production “remained unchanged at 28.5% in December, compared with the previous month.” According to the MOMR.

December’s OPEC-10 production is still substantially below the production quota, underproducing by more than 800,000 bpd.