The Organization of Petroleum Exporting Countries (OPEC) cut oil production by 221,000 barrels per day in the last month of 2016, bringing the bloc’s total output to 33.08 million bpd by the end of December, according to the group’s latest report released on Wednesday. With domestic oil sectors just recovering from years of civil strife, Iraq and Libya upped their output to pay for the reconstruction of their countries as they regain former stability. For the month of December, Libya increased oil production from 577,000 barrels per day in November to 608,000 barrels per day, based on secondary sources. Iraq, who has contested the use of secondary source figures, produced 4.63 million barrels per day in December, up from 4.59 million barrels per day in November. Home to the second largest oil reserves in OPEC, Iraq has obligations to supermajor international oil companies, and must contend with production from […]