Total OPEC production up slightly in December

9 Jan 2018   OPEC

Though Venezuelan oil production is lower than it’s been in more than a decade, its fellow OPEC members picked up the slack, a market survey found. A survey of production from the 14 members of the Organization of Petroleum Exporting Countries from commodity pricing group S&P Global Platts found total output in December at 32.4 million barrels per day, up 50,000 barrels per day from November. OPEC members are now in their second year of a coordinated effort to balance an oversupplied market with production cuts. De facto OPEC leader Saudi Arabia, its largest producer, is leading by example, Platts reported, with production of around 9.9 million barrels per day last month, below its official quota by […]

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