OPEC Oil Production Increases in December Driven by Higher Supply from Libya and UAE

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Oil production of the Organization of the Petroleum Exporting Countries (OPEC) in December it rose 280,000 barrels per day (bpd) to 25.69 million, fueled by higher supply from Libya and the United Arab Emirate, a Reuters poll showed on Wednesday.

“Compliance by OPEC states with OPEC + production cut promises was 99% in December, down from 102% in November,” Reuters noted, adding that Saudi Arabia kept its oil supply stable in a short time. less than 9 million bpd in December.

Market reaction

Crude oil prices did not show an immediate reaction to this report and the barrel of West Texas Intermediate was last seen gaining 0.3% on the day at $ 49.95.

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