At its Dec. 4, 2015, meeting in Vienna, OPEC set aside its usual production target of 30 million barrels a day, and increased production in December by 18,000 barrels to 32.139 million a day this past month, said Bloomberg, citing a survey of oil companies, producers, and analysts.
According to the Bloomberg survey, Iraqi production rose by 119,000 barrels a day to 4.44 million in December, which is near the highest level of production recorded in Bloomberg’s monthly data going back to 1989.
Last month, Iranian output fell by 100,000 barrels a day to 2.7 million. However, with Western sanctions being lifted in January, Iran plans to expand its oil supply, adding 500,000 barrels a day of exports within a week of the removal of sanctions and 1 million within six months, according to the Shana news agency, citing Roknoddin Javadi, head of National Iranian Oil Co.
As of today, OPEC now has 13 members, with the return of Indonesia, whose OPEC membership is being reactivated after a seven-year suspension. Indonesia is the only net-importing country in the producer group.