Opec’s (Organization of Petroleum Exporting Countries) output declined last month as several Persian Gulf producers stepped up their implementation of cutbacks aimed at balancing global oil markets.
Saudi Arabia, Iraq and the United Arab Emirates reduced production in December, the final month of a round of restrictions by the cartel before it presses on with new—and even deeper—curbs this year.
Output from the Opec fell by 90,000 barrels a day to 29.55 million in December, according to a Bloomberg survey of officials, ship-tracking data and estimates from consultants including Rystad Energy AS and JBC Energy GmbH.
