Commodity Context

Commodity Context

Share this post

Commodity Context
Commodity Context
OPEC+ Data Deck (January 2025)
Copy link
Facebook
Email
Notes
More

OPEC+ Data Deck (January 2025)

Quota participating OPEC+ output fell in December as compliance continues to improve, while quota-exempt Libya lifted output to a near 12-year high.

Rory Johnston's avatar
Rory Johnston
Jan 15, 2025
∙ Paid
7

Share this post

Commodity Context
Commodity Context
OPEC+ Data Deck (January 2025)
Copy link
Facebook
Email
Notes
More
Share

Below the paywall you will find the latest monthly edition of the Commodity Context OPEC+ Data Deck (35-page PDF), tracking groupwide and member-level production estimates, quotas, compliance, and exports.

Become a paid subscriber today to view the latest OPEC+ Data Deck report and join me in my hunt for ever-deeper oil & gas market context.

If you’re already subscribed and/or like the free summary bullets, hitting the LIKE button is one of the best ways to support my research.


  • Quota participating OPEC+ crude production fell 79 kbpd m/m to 33,613 in December, reversing some of November’s uptick, while further growth in Libyan output—which rose to a fresh nearly 12-year high—blunted total OPEC+ declines.

  • Groupwide December output fell below the combined obligations of quotas and compensation cuts for the first time this year (November production estimates upgraded, reversing that previously-reported achievement), though that headline figure continues to be split between notable pockets of over- and underproduction.

  • The latest re-strengthening of the crude market—both flat prices and term structure—is once again raising hopes that OPEC+ may finally have a window of opportunity to return some of its withheld barrels as currently planned later this year, but the producer group has had its optimism dashed so frequently over the past year that it is likely to err on the side of caution before beginning the cut-easing process which—following unending delays—has the potential to sour fragile market sentiment anew.

[Further analysis and full OPEC+ Data Deck PDF report below paywall]

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2025 Commodity Context Corp.
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Copy link
Facebook
Email
Notes
More