The 13-member OPEC group pumped 25.59 million bbl/d of oil in December, the survey found, up 280,000 bbl/d from November and a further increase from a three-decade low reached in June.
WTI futures in the U.S. climbed as much as 0.6% to $50.24/bbl, also the highest since Feb. 26, before slipping to $49.96. The contract on Jan. 5 closed up 4.6%.
Saudi Arabia is going beyond its promised cuts as part of the OPEC+ group of oil producers to support both its own economy and the oil market, the country’s energy minister says.
Russia wants to increase production but others want to hold steady.
The unusual decision to push negotiations into a second day was taken after a three-hour debate in a virtual meeting of OPEC+, which groups OPEC and other producers including Russia.
Pressured by strict U.S. sanctions, Venezuela's oil exports plunged by 376,500 bbl/d in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA.
In its latest oil price forecast, Stratas Advisors examines fundamentals versus broader market factors.
Most OPEC+ oil-producing countries oppose plans to increase output from February as winter lockdowns to contain the coronavirus choke demand, three OPEC+ sources told Reuters on Jan. 4.
Russia agreed to reduce its oil production in April last year by more than 2 million bbl/d, an unprecedented voluntary cut, along with other leading oil producers and OPEC.