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