LONDON: OPEC oil output rose in December, a Reuters survey found on Wednesday, despite an agreement by the wider OPEC+ alliance to cut production targets to support the market.
The Organization of the Petroleum Exporting Countries pumped 29 million barrels per day last month, the survey found, up 120,000 bpd from November. In September, OPEC output had been its highest since 2020.
December’s rise was led by recovering output in Nigeria, which has been battling for months with crude theft and insecurity in its oil-producing region.
Many Nigerian crude streams produced more in December, sources in the survey said, with some companies citing improving security.
OPEC+ had been boosting output for most of 2022 as demand recovered. For November, with oil prices weakening, the group made its largest cut to production targets since the early days of the COVID-19 pandemic in 2020.
Its decision from November called for a 2 million bpd cut to the OPEC+ output target, of which about 1.27 million bpd was meant to come from the 10 participating OPEC countries. The same target applied in December.
With the rebound in Nigerian output in December, compliance with the agreement weakened slightly to 161 percent of pledged cuts, according to the survey, down from 163 percent in November.
Output is still undershooting targeted amounts because many producers - notably Nigeria and Angola - lack the capacity to pump at the agreed levels.
The 10 OPEC members required to cut production pumped 780,000 bpd below the group’s December target, the survey found. The shortfall in November was 800,000 bpd.
OPEC oil output rises despite production target cuts
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OPEC oil output rises despite production target cuts
Closing Bell: Saudi main market edges up to close at 11,328
RIYADH: Saudi Arabia’s Tadawul All Share Index closed slightly higher on Tuesday, rising 0.07 percent, or 7.43 points, to finish at 11,328.52.
The parallel Nomu market also gained, up 0.13 percent, or 30.68 points, to 24,043.71, with 46 stocks advancing and 33 declining.
The MT30 index ended in positive territory at 1,527.14 points, up 0.19 percent. Market breadth was slightly negative, with 112 gainers against 140 decliners. Total trading volume reached 220.3 million shares, valued at SR5 billion ($1.3 billion), according to exchange data.
Among the session’s top performers, Saudi Chemical Co. rose 8.04 percent to SR8.33, Etihad GO Telecom Co. gained 6.83 percent to close at SR98.55, and Cherry Trading Co. climbed 5.84 percent to SR30.80. Arabian Contracting Services Co. advanced 4.99 percent to SR126.20, while United Carton Industries Co. rose 4.18 percent to SR26.44.
On the downside, Elm Co. led losses, falling 3.44 percent to SR743.50, followed by Knowledge Economic City, which declined 2.67 percent to SR12.74, and Aljazira Takaful Taawuni Co., which slipped 2.45 percent to SR11.92.
Makkah Construction and Development Co. fell 2.13 percent to SR89.65, while Arabian Internet and Communications Services Co. eased 2.07 percent to SR227.60.
Etihad GO Telecom Co. also released its consolidated interim results for the nine months ending Dec. 31, 2025, reporting strong growth across its business segments. Revenues rose 34.3 percent year on year to SR1.39 billion, while net profit attributable to shareholders increased 22.4 percent to SR197 million. During the most recent quarter, revenue reached SR489 million, up from SR382 million in the same period last year, and net profit rose to SR70 million from SR55 million.
The company attributed the gains to higher revenue from its B2B, wholesale, and B2C segments, increased demand for voice and fiber services, and contributions from its subsidiary, Ejad Technology.
Separately, Saudi Arabian Oil Co. completed the issuance of $4 billion in international bonds under its Global Medium-Term Note Program, comprising 20,000 US dollar-denominated bonds with maturities of three, five, 10, and 30 years, carrying coupon rates of 4 to 6 percent, and expected to be listed on the London Stock Exchange.
