No 2



Venezuela Strike Takes Its Toll On OPEC December Production

MEES estimates indicate that oil production by the OPEC 10 (without Iraq) fell by 1.47mn b/d in December to 22.850mn b/d, as the sharp drop in Venezuelan production due to the general strike in the country outweighed production gains by Gulf producers. Total OPEC production fell by 1.57mn b/d to 25.12mn b/d, reflecting a decrease in Iraqi exports under the UN oil-for-food program in the month.

The slump...