2026-01-12 排 货有 限 公 司 - 12月委内瑞拉产量下滑, 0PEC总 2017年 mnanv Limited -OPEC产量调查数据报告 研究员: 李云旭 从业资格号 F03141405 投资咨询号 Z0021671 影博调查数据显示，2025年12月0PEC产量环比增加4万桶/日，同比增加193万桶/日。分国家来看，12月配额增量保持较低水平，0PE0担织中属 于OPEO+增产8国的5个国家合计产量增幅为6万桶/日，其中伊拉克增产8万桶/日，阿联酋城产2万桶/日。委内瑞拉因受美国对其油运频繁干预影 响，12月产量下降13万桶/日，对OPEC产量形成最大拖累。同比来看OPEC+增产主导的供应压力仍在兑现之中，关注后期OPEC月报数据验证。 风险提示:彭博对数据进行回溯调整。 图表 1: OPEC产量(彭博) | 单位:千桶/日 | 2025年12月 | 产量同比 | 产量环比 | | --- | --- | --- | --- | | 沙特 | 10000 | 1050 | 0 | | 伊拉克 | 4370 | 250 | 80 | | 科威特 | 2560 | 130 | 0 | | 阿联酋 ...

2026-01-12 排 货有 限 公 司 - 12月委内瑞拉产量下滑, 0PEC总 2017年 mnanv Limited -OPEC产量调查数据报告 研究员: 李云旭 从业资格号 F03141405 投资咨询号 Z0021671 影博调查数据显示，2025年12月0PEC产量环比增加4万桶/日，同比增加193万桶/日。分国家来看，12月配额增量保持较低水平，0PE0担织中属 于OPEO+增产8国的5个国家合计产量增幅为6万桶/日，其中伊拉克增产8万桶/日，阿联酋城产2万桶/日。委内瑞拉因受美国对其油运频繁干预影 响，12月产量下降13万桶/日，对OPEC产量形成最大拖累。同比来看OPEC+增产主导的供应压力仍在兑现之中，关注后期OPEC月报数据验证。 风险提示:彭博对数据进行回溯调整。 图表 1: OPEC产量(彭博) | 单位:千桶/日 | 2025年12月 | 产量同比 | 产量环比 | | --- | --- | --- | --- | | 沙特 | 10000 | 1050 | 0 | | 伊拉克 | 4370 | 250 | 80 | | 科威特 | 2560 | 130 | 0 | | 阿联酋 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report In October, OPEC's production increased by 50,000 barrels per day month-on-month and 2.17 million barrels per day year-on-year. The slowdown in the month-on-month growth rate was due to the deceleration of production increases in eight OPEC+ countries starting in October and the slight decline in the production of Nigeria, Libya, and Venezuela, which dragged down the total production. Iraq was the main contributor to the increase, with its production rising by 60,000 barrels per day in October after the resumption of exports in the Kurdish region at the end of September. Overall, the supply pressure dominated by OPEC+ production increases is still being realized, and attention should be paid to the verification of later OPEC monthly report data [2]. 3. Summary by Related Catalog OPEC Production Data - In October 2025, OPEC's total production was 29.07 million barrels per day, with a year-on-year increase of 2.17 million barrels per day and a month-on-month increase of 50,000 barrels per day [3]. - Saudi Arabia produced 10.02 million barrels per day, with a year-on-year increase of 1.07 million barrels per day and a month-on-month increase of 40,000 barrels per day [3]. - Iraq produced 4.38 million barrels per day, with a year-on-year increase of 250,000 barrels per day and a month-on-month increase of 60,000 barrels per day [3]. - Kuwait produced 2.56 million barrels per day, with a year-on-year increase of 120,000 barrels per day and a month-on-month increase of 40,000 barrels per day [3]. - The UAE produced 3.55 million barrels per day, with a year-on-year increase of 380,000 barrels per day [3]. - Algeria produced 960,000 barrels per day, with a year-on-year increase of 60,000 barrels per day and no month-on-month change [3]. - Nigeria produced 1.52 million barrels per day, with a year-on-year increase of 10,000 barrels per day and a month-on-month decrease of 30,000 barrels per day [3]. - Gabon produced 230,000 barrels per day, with a month-on-month increase of 10,000 barrels per day [3]. - Equatorial Guinea produced 20,000 barrels per day [3]. - Congo produced 250,000 barrels per day, with a year-on-year increase of 10,000 barrels per day and no month-on-month change [3]. - Iran produced 3.36 million barrels per day, with no month-on-month change [3]. - Venezuela produced 950,000 barrels per day, with a year-on-year increase of 60,000 barrels per day and a month-on-month decrease of 50,000 barrels per day [3]. - Libya produced 1.24 million barrels per day, with a year-on-year increase of 210,000 barrels per day and a month-on-month decrease of 70,000 barrels per day [3]. Production Trend Charts - Multiple charts show the historical production trends and seasonal patterns of OPEC and its member countries, including Saudi Arabia, Iraq, Kuwait, the UAE, Algeria, Nigeria, Gabon, Equatorial Guinea, Congo, Iran, Venezuela, and Libya [3][5][7][10][11][13][16][18][20][22][24][26][28][30][32][34][37][39][41][43][45][47][49][51][55][57][59].

2025-10-09 资料来源：彭博 中信期货研究所 an 中信期货有限公司 9月0PEO产量延续高增速 CITIC Futures Company Limited 图表 2: OPEC总产量(彭博) ――OPEC产量调查数据报告 研究员:李云旭 从业资格号 F03141405 投资咨询号 Z0021671 影博调查数据显示，9月OPEG产量环比增加40万桶/日，主要由沙特增32万桶/日贡献，OPEC+增产8国中的伊拉克、科威特、阿联酋并未贡献 增量，随着伊拉克库区石油出口于9月末重启，其10月产量有望重回增加。此外，委内瑞拉、伊朗、利比亚在9月分别贡献了8万桶/日、4万桶/ 日、4万桶/日的环比增量。总体来看，沙特增产主导的供应压力仍在兑现之中，关注后期OPEC月报数据验证。 风险提示: 彭博对数据进行回溯调整。 图表 1: OPEC产量 (彭博) | 单位: 千桶/日 | 2025年9月 | 产量同比 | 产量环比 | | --- | --- | --- | --- | | 沙特 | 9980 | 990 | 320 | | 伊拉克 | 4320 | 100 | 0 | | 科威特 | 2520 | 70 ...