OPEC December Oil Output Rose to Four Month High, Bloomberg Survey Shows

December 30, 2010 | Commodities & Oilprice

At an Opec meeting

At an Opec meeting

The Organization of Petroleum Exporting Countries’ crude-oil output climbed to a four-month high in December, led by increases in Nigeria and Iraq, a Bloomberg News survey showed.

Production gained 135,000 barrels, or 0.5 percent, to an average 29.185 million barrels a day, according to the survey of oil companies, producers and analysts. Production by members with quotas, all except Iraq, rose by 100,000 barrels to 26.8 million, about 2 million above their target.

Nigeria’s output surged by 100,000 barrels a day to 2.22 million, a four-year high, according to the survey. It was the largest increase by any member. Africa’s biggest producer exceeded its quota by 547,000 barrels.

Angola reduced output by 30,000 barrels to 1.7 million. The country pumped 183,000 barrels a day above its target.