OPEC oil production drops in December to a 6-month low: report
Oil production from the Organization of the Petroleum Exporting Countries fell by 630,000 barrels a day to a six-month low of 32.43 million barrels in December from a month earlier, according to an S&P Global Platts survey released Tuesday. "Stripping out Qatar, which exited OPEC at the end of the month, and Iran, Libya and Venezuela, which were granted exemption from the latest round of cuts, the remaining 11 members pumped 26.89 million b/d-almost 1 million b/d above their collective ceiling of 25.94 million b/d, which went into effect January 1," the survey showed. Saudi Arabia lowered its output by 401,000 barrels a day last month to 10.6 million barrels a day. In Tuesday dealings, February West Texas Intermediate crude was up $1.36, or 2.8%, at $49.88 a barrel on the New York Mercantile Exchange. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.