Daily Energy Report
OPEC production decline, US products inventories up, Exxon profit down, TX AG ends banking threats, China’s rich regions cut power prices, the “Trump Effect” on wind, Coal is king, and more.
Chart of the Day: OPEC’s Crude Production Declined in December
Related News:
OPEC Output Dips in December as UAE Improves Delivery of Cuts
Oil Rises on Tighter OPEC Supply, US Jobs Data
OPEC Oil Output Falls in December on UAE and Iran, Survey Finds
Summary
OPEC production declined in December according to two sperate surveys by Bloomberg and Reuters. Both surveys agree that production declined mostly because of a decrease in production in the UAE, Iran, and Kuwait. They also agree that production increased in Libya and Nigeria, but their numbers are different. For example, Bloomberg reported a decline of 120 kb/d while Reuters reported a decline of only 50 kb/d. Bloomberg reported a decline in Iranian output by 40 kb/d while Reuters reported a decline of 70 kb/d.