Opec production dropped by 460,000 b/d last year as the group’s core members implemented tighter ‘voluntary’ output cuts. These voluntary cuts more than offset a resurgent Iran, which boosted output by 410,000 b/d. Looking into 2025, ongoing voluntary production cuts will keep the group’s overall output restrained, and Iran will be the main wildcard as the US seeks to tighten sanctions on its oil sector.
Output of 26.58mn b/d for 2024 was a three-year low, although it remained more than 1mn b/d above the Covid-era lows of 2020 and 2021 (see table). (CONTINUED - 1749 WORDS)
