US sanctions and blockades contributed to a decline in Venezuelan Oil production to 830,000 barrels per day in December, about 130,000 barrels lower than November, while overall OPEC production remained stable at around 29 million barrels per day, Commerzbank's commodity analyst Barbara Lambrecht notes.

OPEC production steady at 29 million bpd in December

"The US blockade and sanctions against Venezuela had an impact in December: according to survey-based estimates by Bloomberg, Venezuelan daily production in December was 830,000 barrels, around 130,000 barrels lower than in November."

"Nevertheless, OPEC production as a whole was slightly higher than in the previous month at around 29 million barrels per day. Iraq in particular has significantly increased its production again, not only failing to implement its compensation plans, but even producing above quota."

"The fact that OPEC production did not rise more sharply is mainly thanks to Saudi Arabia, which kept its production constant in December, producing less than allowed for another month. Overall, OPEC production has hovered around 29 million barrels per day since September."