OPEC Production Stays Firm Amid Market Tumult

OPEC output in December slipped slightly from the three-year highs achieved the previous month, but a combination of high prices, strong seasonal demand and the continued recovery of Libya’s oil industry kept output at close to the 31mn b/d mark, according to the latest MEES estimates.

OPEC Basket prices averaged a record $112.11/B in 2011, compared to $107.46/B the previous year. OPEC’s 2011 production was almost 400,000 b/d up on...