• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 2 mins ..
  • 14 mins Summit: Kim, Putin To Meet Thursday in Russia’s Far East
  • 6 mins New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 8 hours Don't Climb Onto the $80+ Oil Price Greed Roller Coaster, Please.
  • 11 hours Deep Analysis: How China Is Replacing America As Asia’s Military Titan
  • 7 mins Iran Sabre Rattles Over the Straights of Hormuz
  • 2 hours "Undeniable" Shale Slowdown?
  • 23 hours Saudi Arabia Says To Coordinate With Other Producers To Ensure Adequate Oil Supply
  • 2 hours How many drilling sites are left in the Permian?
  • 16 hours Populist Surge Coming in Europe's May Election
  • 1 day Gas Flaring
  • 15 hours China To Promote Using Wind Energy To Power Heating
Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Oil Prices Lag Despite Early OPEC Cuts

The Organization of Petroleum Exporting Countries produced 751,000 bpd less in December than in the previous month in a rush to prop up prices, OPEC said in its latest Monthly Oil Market Report. The cartel’s total stood at 31.578 million bpd, versus 32.328 million bpd in November, according to data from secondary sources.

Oil prices, however, were slow to react to the decline, with both Brent crude and West Texas Intermediate down at the time of writing. Brent crude traded at US$60.22 a barrel, down 1.79 percent, with WTI at US$51.24 a barrel, down by 2.05 percent.

As expected, Saudi Arabia shouldered the bulk of the reduction, pumping 468,000 bpd less in December than November, at 10.553 million bpd. Libya came second from the top in terms of production decline but in its case, this was the result of a production outage at its largest field, Sharara. The North African country booked a production decline of 172,000 bpd.

Iran’s oil production declined by the third-highest margin in December, by 159,000 bpd, but once again, this was not the result of deliberate effort but of the U.S. sanctions that came into effect in early November, pressuring demand for Iranian crude despite the sanction waivers granted to eight Iranian oil importers.

Analyzing the global oil fundamentals for 2018 and 2019, OPEC’s analysts said last year global demand gad grown by 1.5 million bpd and this year it would slow down to 1.29 million bpd, to hit 100.08 million bpd at the end of the year. The increase, although more moderate than in 2018, will likely be driven by Asian consumers, with India in the lead, followed by China.

Demand for OPEC oil last year fell by 1.2 million bpd from 2017, the same amount the cartel agreed to cut, together with its non-member partners, to stabilize prices this year. However, the report authors expect demand for OPEC crude this year will be 900,000 bpd lower than last year’s, at 30.8 million bpd.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Scott Wiggins on January 18 2019 said:
    Price fixing is a crime in the USA. Why do we allow OPEC to do this? What does the WTO have to say about it?

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News