OPEC oil production drops in December to a 6-month low

Share This Article
January 8, 2019 1:38pm NYSE:USO

Oil Prices

From Myra P. Saefong: Oil production from the Organization of the Petroleum Exporting Countries fell by 630,000 barrels a day to a six-month low of 32.43 million barrels in December from a month earlier.


According to an S&P Global Platts survey released Tuesday. “Stripping out Qatar, which exited OPEC at the end of the month, and Iran, Libya and Venezuela, which were granted exemption from the latest round of cuts, the remaining 11 members pumped 26.89 million b/d-almost 1 million b/d above their collective ceiling of 25.94 million b/d, which went into effect January 1,” the survey showed. Saudi Arabia lowered its output by 401,000 barrels a day last month to 10.6 million barrels a day. In Tuesday dealings, February West Texas Intermediate crude CLG9, +1.73% was up $1.36, or 2.8%, at $49.88 a barrel on the New York Mercantile Exchange.


The United States Oil Fund LP (USO) was trading at $10.40 per share on Tuesday afternoon, up $0.11 (+1.07%). Year-to-date, USO has declined -13.41%, versus a -3.90% rise in the benchmark S&P 500 index during the same period.

USO currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 108 ETFs in the Commodity ETFs category.


This article is brought to you courtesy of MarketWatch.


Read Next



Get Free Updates

Join over 50,000 investors who get the latest news from ETFDailyNews.com!

Most Popular


From Our Partners


Explore More from ETFDailyNews.com

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again!

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories