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OPEC oil output steady in Dec. despite market oversupply

Xinhua, January 18, 2016 Adjust font size:

The Organization of the Petroleum Exporting Countries' (OPEC) crude oil output remained at a high level in December 2015 even as world oil prices plunged, the cartel's monthly report showed Monday.

In December, OPEC's output stayed at 32.18 million barrels per day, a slight decrease compared to the previous month.

The report shows the world oil market continues to be oversupplied. Oil demand in 2015 was estimated to be 92.92 million barrels per day, lower than the supply of 95.20 million barrels per day.

OPEC expects a rebalancing of the market in 2016, saying low oil prices would affect production, especially of non-OPEC producers. It added the world economy would do better than 2015 which may lead to an increase in oil demand.

"According to Baker Hughes' latest weekly report dated Jan. 8, 2016, the total drilling rig count in the United States dropped by 1,086 rigs (a decline of 62 percent) year-on-year to 664 rigs," the report said. Enditem