According to the Joint Organisations Data Initiative (JODI), crude oil production in Saudi Arabia dropped by 0.41 percent in December and amounted to nearly 10.1 million barrels per day. At the same time, domestic refineries increased the refined oil production by over 12 percent in November 2015 and processed 2.3 million barrel per day.
The second largest OPEC heavyweight, Iraq oil exports in December 2015 by some 4.4 percent to 3.2 million barrel per day, JODI revealed, however, the crude oil production increased by over 10 percent in comparison with November 2015.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003, mostly because of prolonged global oversupply and weak demand.
On Tuesday, the energy ministers of Russia, Saudi Arabia, Venezuela and Qatar met in Doha. The four agreed to keep their average monthly oil output throughout 2016 at January levels if other major oil producers followed suit.