Despite stringent production curbs throughout the year, Opec’s overall crude output edged up from 2020’s 18-year lows for 2021. A resurgent Libya more than offset lower production from the 10 member states subject to Opec+ restrictions, propelling the group to a 740,000 b/d year-on-year increase.
Much more substantial gains should be expected for 2022, given that Opec exited last year with December output of 28.07mn b/d and is continuing to unwind production cuts. However, many members are feeling the impact of years of underinvestment and the gap between the group’s strongest and weakest members looks set to widen this year. (CONTINUED - 1013 WORDS)
