TODAY OIL NEWS UPDATE

Oil prices gained more than 1% on Friday in Asia after the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report that its production fell sharply in December.

OPEC reported that its oil supplies plunged by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

In particular, Saudi Arabia’s output plunged by 468,000 bpd to just over 10.5 million bpd last month, independent figures showed.

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