Saudi oil production declines

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RIYADH, Saudi Arabia, Jan. 11 (UPI) -- Crude oil production from Saudi Arabia for December declined 4.9 percent to its lowest level in more than a year, an official working in the region said.

A Persian Gulf official told Bloomberg News on condition of anonymity that crude oil production declined 465,000 barrels to 9.03 million barrels per day. The 4.9 percent decline from November levels represents the lowest since November 2008, when the global economic recession was affecting consumption.

The Organization of Petroleum Exporting Countries last month agreed to keep production ceilings in place. Ministers said they expected a modest increase in global oil demand, though non-OPEC countries were expected to contribute to oil market stability.

Demand for OPEC crude remained static at 30.1 million barrels per day, the cartel said in December.

Bloomberg, however, references investment reports stating that markets may be oversupplied with OPEC crude given the oil boom in the United States and an Iraqi oil economy recovering after years of war.

The next monthly market report from OPEC is due Wednesday.