Latest report from OPEC on oil production
Output declined by 751k bpd in December as Saudi Arabia made an early start to cut production by 468k bpd, helping to see oil production ease in what is the bloc's biggest reduction since the round of cuts in early 2017.
The other declines in output were from Iran and Libya, as well as Venezuela. Despite the cuts here, I'm not sure if it's going to be enough to convince market participants of a turnaround in sentiment towards the oversupply issue in the oil market.
This is very much merely just the first step - and a much needed one - in tackling the issue. Despite the drop, the bloc still pumped 31.58 million bpd in December which is about 700k bpd higher than the average needed in the first half of this year i.e. the amount it promised to cut.
