ECONOMY


Global oil supply falls in Dec. 2019

Baku, January 16, AZERTAC

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, according to Anadolu Agency.

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.

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