OPEC’s oil production fell in December last year as several Gulf oil producers stepped up their production cuts aimed at balancing the global oil market, Bloomberg News Agency London reported.
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Saudi Arabia, Iraq and the United Arab Emirates cut their oil production in December last year, the last month of a round of restrictions imposed by OPEC before it continued to implement new and even more stringent production restrictions this year.
According to Bloomberg’s survey of government officials, ship tracking data and consulting companies such as lesta energy and JBC energy, OPEC’s oil production fell 90000 barrels a day in December to 29.55 million barrels a month.
Despite the emergence of a large number of new US shale oil and weak fuel demand around the world, OPEC and its allies’ efforts to tighten supply in 2019 boosted the global crude oil market, pushing Brent crude oil prices up 23%. Earlier last month, the alliance agreed to deepen its restrictions to prevent a new oversupply in the first quarter of this year.
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According to the survey, Saudi Arabia, OPEC’s largest member, is moving towards a new goal. Saudi Arabia’s current oil production is 9.83 million barrels per day, more than twice the amount promised in last year’s production reduction agreement, and is now moving steadily towards its own new quota of 9.7 million barrels.
In December, the UAE also cut production by 60000 barrels a day to 3.04 million barrels a day on average, exceeding the requirements of the upcoming production reduction agreement.
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