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Latest report from OPEC on oil production
Production fell by 751 kbd / d in December, while Saudi Arabia began early to reduce production by 468 kbd / d, helping to see oil production decline, the largest reduction in production. of the block since the series of early 2017 reductions.
Other production declines were recorded in Iran and Libya, as well as in Venezuela. Despite the cuts, I am not sure that this will be enough to convince the market players of a turnaround of confidence regarding the problem of excess supply in the oil market.
This is simply the first step – and it is essential – to solve the problem. Despite the decline, the block still pumped 31.58 million bpd in December, about 700,000 bpd more than the average needed in the first half of this year, that is to say the amount he had promised to reduce.
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