Oil production from the Organization of the Petroleum Exporting Countries fell by 130,000 barrels a day in December from a month earlier, to 32.28 million barrels a day, according to a Platts survey of OPEC oil industry officials and analysts released Friday. Platts attributed the decline to output cuts in Iraq, Nigeria and Saudi Arabia. The Saudis lowered output by 50,000 barrels a day to 10.1 million barrels a day, but haven't given any indication that they are ready to abandon the "market-share strategy that it persuaded OPEC to adopt in November 2014," Platts said.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below