OPEC oil output rises in December led by higher supply from Libya and UAE – Reuters

Eren Sengezer FXStreet

The Organization of the Petroleum Exporting Countries' (OPEC) oil output in December rose by 280,000 barrels per day (bpd) to 25.69 million led by higher supplies from Libya and the United Arab Emirate, a Reuters survey showed on Wednesday.

"OPEC states' compliance to OPEC+ output cut pledges was 99% in December, down from 102% in November," Reuters further noted and added that Saudi Arabia kept its oil supply steady in just below 9 million bpd in December.

Market reaction

Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate was last seen gaining 0.3% on the day at $49.95.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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