OPEC’s crude oil production further declined in December as the cartel’s leader Saudi Arabia continued to lead by example cutting much more than required and as the biggest laggards in compliance—Iraq and Nigeria—moved to better comply with their quotas, the monthly Reuters survey showed on Monday. According to the survey of OPEC and oil companies sources, and ship-tracking data, OPEC’s production in December 2019 dropped by 50,000 barrels per day (bpd) compared to November and stood at 29.5 million bpd. In November, OPEC’s crude oil production declined by 193,000 bpd from October, as Saudi Arabia cut production ahead of the OPEC+ meeting, Iraq tried to fall in line with its quota, and Iran further suffered from the U.S. sanctions, according to OPEC’s official figures . In December, Saudi Arabia continued to reduce production, while OPEC and its Russia-led allies agreed to deepen the cuts in the first quarter of […]