Reuters survey: OPEC Production rose in December

A Reuters survey showed on Thursday that the increase in OPEC oil production in December was also less than the increase planned under an agreement with allies, highlighting the constraints faced by production capacity that curb supply as global demand recovers from the repercussions of the Corona pandemic.

The survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 27.80 million bpd in December, an increase of 70,000 bpd from the previous month, but not the 253,000 bpd increase allowed under the supply deal.

OPEC and its allies, the group known as OPEC+, are gradually easing production cuts agreed in 2020 as demand that collapsed that year recovers.