In its latest statistical report, the organization of Petroleum Exporting Countries (OPEC) stressed that compared with 2018, its crude oil production in 2019 decreased by 6.3%, about 2 million barrels/ day.

The drop was in line with OPEC's expectations for production cuts.

Detailed data show that in December 2019, OPEC decided to reduce production by an additional 500,000 barrels in the first quarter of 2020, thus bringing the total scale of production reduction to 1.7 million barrels/ day. By the end of 2019, the average daily output of OPEC had dropped to about 29.86 million barrels, while in 2018 it reached 31.864 million barrels.

According to the statistics of the organization, the average daily production dropped to 29.774 million barrels in the first half of 2019, and continued to decline in the second half of 2019, about 29.6 million barrels. The daily average output of the whole year is 29.86 million barrels. In terms of monthly data, the average daily output of OPEC fell to 24.944 million barrels in December, compared with 29.6 million barrels in November. The decline in production in December led to a 5.6% surge in OPEC crude oil prices to $66.48/barrel, the highest since April 2019.

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