https://www.bloomberg.com/news/articles/2018-01-03/opec-holds-production-steady-as-compliance-exceeds-promised-cuts
OPEC’s crude production held steady in December as the
group approached a fresh year of output curbs in full compliance with
its supply deal.
The
14 members of the Organization of Petroleum Exporting Countries pumped
32.47 million barrels a day, according to a Bloomberg News survey of
analysts, oil companies and ship-tracking data.
Libya saw a 30,000-barrel-a-day decline to 970,000 a day following a pipeline blast,
which was offset by an increase from Nigeria. Both countries were
exempt from cuts last year but are now expected to join the effort with a
combined limit
of 2.8 million barrels a day. OPEC and its allies agreed Nov. 30 to
extend their output agreement until the end of 2018 to balance the
market.
Production in Saudi Arabia, OPEC’s biggest member, slipped by
20,000 barrels a day to 9.95 million a day, the surveyed showed.
Venezuela, which has suffered a slump in output amid economic collapse
and U.S. sanctions, reduced volumes by a further 50,000 barrels a day to
1.81 million a day.
The
12 OPEC members bound by output caps implemented 121 percent of their
pledged cuts in December, the same as the prior month, the survey
showed.
— With assistance by Wael Mahdi, Anthony Dipaola, Mohammed Sergie, Stephan Kueffner, and Fabiola Zerpa
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