Oil Falls From 16-Month High as OPEC Production Keeps on Rising
- Group’s output climbed to record in November: Bloomberg survey
- Producers meeting Saturday to discuss cuts from non-members
The Broader Implications of OPEC's Output Agreement
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Oil retreated from a 16-month high after OPEC pumped a record amount of crude in November.
Crude dropped 1.7 percent in New York after rising 15 percent over the previous four sessions. OPEC boosted production to 34.16 million barrels a day last month, according to a Bloomberg News survey. Attention is shifting to which non-OPEC producers will join Russia in reducing output when they meet in Vienna on Saturday. OPEC is hoping they will cut another 300,000 barrels a day beyond the 300,000 already promised by Russia.