Let's Hear It For Venezuela! Saving OPEC's Booty Again

OPEC's December production is about status quo... overall, that is, according to Bloomberg calculations. 

But if it weren't for Venezuela's 50,000 bpd drop from November levels (which were already low), and Libya's outage due to a pipeline blast which took off 30,000 bpd, OPEC would be way over. Saudi still overcomplying too. 

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Right, so the only constant in this equation is really Venezuela. 

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How's Iraq doing, by the way? Still unable to hit its target?

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11 hours ago, Marina Schwarz said:

How's Iraq doing, by the way? Still unable to hit its target?

Iraq was already overproducing in November, and according to Bloomberg calculations, they increased their production in December over the already high November levels--by 30,000 bpd. That's almost a million extra barrels for the month.

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It's so sweet how carefully everyone in OPEC is ignoring that. 

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