Global output falls as Opec volumes stall

Global oil production fell to 91.2 million barrels a day (b/d) in December, a drop of 170,000 b/d, as output from Opec declined

Production from Opec fell to 30.65m b/d in December, its lowest level in a year, as output from Saudi Arabia and Iraq slumped, the International Energy Agency (IEA) said. The 265,000 b/d fall in Opec’s December output was, however, partially offset by a recovery in Nigerian production, which had been disrupted by flooding and pipeline sabotage. The IEA said Iranian production in 2012 was constrained by international sanctions, falling by 650,000 b/d to 3m b/d. Opec crude oil supply inched up by 75,000 b/d in November reaching 31.2m b/d, due to higher output from Saudi Arabia, Angola, Algeria and Libya. But, at its 12 December meeting, the organisation agreed keep a 30m b/d ceiling on product