OPEC outputs steady in Dec 2024 despite Venezuelan supply drop

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OPEC production remained stable during December 2025, as a decline in Venezuelan supplies to a two-year low was offset by production increases from Iraq and several other member states, Bloomberg reported, citing a survey published on Thursday 

The news agency revealed that OPEC production averaged just over 29 million barrels per day (bpd) in December, remaining virtually unchanged from the previous month.

The survey showed that Venezuela's production dropped by approximately 14% to 830,000 bpd, amid a tightened US crackdown on sanctioned oil tankers in the Caribbean.

Meanwhile, Iraq recorded the largest production increase among member states, adding 80,000 bpd to reach an average production of 4.37 million bpd.

Bloomberg noted that its survey was based on ship-tracking data, statements from informed sources, and data from consultancy firms such as Rystad Energy.