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OPEC reduces oil output in December

OPEC reduces oil output in December
OPEC reduced daily oil production by 751,000 barrels daily in December 2018. Report informs that most of the reduction was recorded by Saudi Arabia and Iran. OPEC reports citing external sources that Saudi Arabia cut daily output by 468,000 barrels but told the organization that it reduced the daily output by 450,000 barrels to 10.64 million barrels. Iran cut 159,000 barrels to 2.76 million barrels. Along with this, Iran reportedly decided not to submit appropriate information to OPEC as long as US sanctions are valid. Although Libya was exempted from obligation to cut output, it cut the daily output by 172,000 barrels to 928,000 barrels. The minimal daily reduction was recorded in Venezuela (33,000) and UAE (65,000 barrels). 

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