OPEC production fell by 120,000 b/d in December, but the group still posted its highest annual production since 31.4mn b/d for 2008, the last year that the organization included a 13th member – Indonesia.

And from this month it’s back to the future, with Indonesia re-joining Opec on 1 January, adding approximately 800,000 b/d to overall production. Production averaged 31.65mn b/d in December, from a downwardly revised 31.77mn b/d in November. This was the tenth straight month in which average production topped 31mn b/d, as the Saudi-led strategy of prioritizing market share over oil price continues to be adhered to. The charge was led by Saudi Arabia, where production exceeded 10mn b/d for a record tenth consecutive month in December. (CONTINUED - 834 WORDS)