Global oil supply tumbled by 780,000 barrels per day in December to stand at 100.7 million barrels per day (mb/d), according to the International Energy Agency’s (IEA) report on Thursday. 

The decrease came from Saudi Arabia’s reduced output and a seasonal fall in biofuels production, according to the IEA’s monthly oil report.

The IEA stated that OPEC crude production in December amounted to 29.44 mb/d, down 180,000 b/d on the previous month, after Saudi Arabia restrained its output.

Escalating tension in Middle East

Tensions in the region have heightened concern over supply security, with Iraq and the Strait of

Read more: Global oil supply falls in Dec. 2019