Global Oil & Gas: OPEC’s December production down 751,000 bpd

OPEC released its monthly Oil Market Report on Thursday, revealing a roughly 751,000 bpd decline, according to secondary sources.

Saudi Arabia slashed output by 468,000 bpd, Iran lost 159,000 bpd, and Libya lost 172,000 bpd. Smaller cuts came from the UAE (-65,000 bpd) and involuntary losses from Venezuela (-33,000 bpd).

The largest gain come from Iraq, which added 88,000 bpd.

The monthly totals occurred before implementation of the OPEC+ agreement, which calls for cuts of 1.2 mb/d from October’s baseline.