Crude oil production among members of the Organization of Petroleum Exporting Countries (OPEC) saw a 120,000-barrel per day (bpd) increase as of December 2022, bringing total production up to 29 million bpd.
According to a survey conducted by Bloomberg, December’s production figures represented a 150,000-bpd increase compared to November 2022. The production rise was driven largely by a rebound in output from Nigeria, which saw oil production rise to its highest levels in eight months and reach 1.35 million bpd.
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.