Dec.OPEC output fell as OPEC+ signatories prepare for deeper cuts

摘要

Crude output from OPEC members fell 90K b/d last month from Nov.levels to 29.550MM b/d as Iraq,Saudi Arabia,and the UAE lowered production after agreeing to deeper cuts as part of a revised OPEC+ deal.The revised OPEC+ deal,which was agreed to at a meeting held on Dec.6th.,calls for a further 500K b/d in production cuts in 1Q 2020 from the previous 1.200MM b/d in cuts to 1.700MM b/d,with the Saudis pledging to reduce their output to 9.700MM b/d this year.OPEC+ decided to deepen the cuts over concerns that crude stocks could lengthen over H1 of this year,which would put downward pressure back on prices after Brent prices rose 26% last year.