- OPEC saw its crude oil output rise by as much as 160,000 bpd last month compared to November.
- A S&P Global Platts survey sees OPEC+ production rising by 130,000 bpd in December 2023.
- December was the last month of the OPEC+ cuts for 2023, before new reductions of a total of around 900,000 bpd are coming into force in January for the first quarter of 2024.
WTI down by 2.5% after US inventories data
The prices of oil futures continued to decline on Wednesday after the Energy Information Administration (EIA) reported a weekly rise of 1.2 million barrels in the United States commercial crude inventories. Previously, China posted a decline in its manufacturing activity in January, signaling a drop in production and, hence, oil demand. West Texas Intermediate (WTI) for deliveries in March plunged by 2.42% at 11:58 am ET, having lost more than 2.5% moments earlier, to sell for $65.96 per barrel. At the same time, Brent for that month’s settlements fell by 1.35% to go for $81.76 per barrel.