Oil Production by OPEC Rises
OPEC’s oil production rose 300,000 barrels a day to 23.5 million barrels a day in December, a seven-month high, the International Energy Agency reported today.
The 13 members of the Organization of Petroleum Exporting Countries also produced a steady 1.9 million barrels a day of natural gas liquids, bringing their total output to 25.4 million barrels a day, the IEA said in its latest report.
After Iraq invaded Kuwait in August, the international boycott of their crude oil took about 4 million barrels a day off the market. But stepped-up production by OPEC members was soon able to make up for the shortfall.
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