The Organization of Petroleum Exporting Countries produced just over 31 million barrels of oil a day in December, implying that the oil market could face a significant production cut if the group swiftly moves in line with the new 30 million barrel a day production ceiling agreed last month.

However, some oil industry analysts say it is likely that the group will move gradually towards its new production target, so the market won't face a sudden tightening of oil supply in January.

"We think it's going to take into the second quarter to get there," said KBC analyst Samuel Ciszuk, in reference to the new production ceiling. " Saudi Arabia and others have made it clear that if people ask for more, they will get more."

KBC sees OPEC producing 30.25 million barrels a day of oil in the first quarter of 2012, a cut of just 100,000 barrels a day from the 30.35 million barrels a day produced in the fourth quarter of 2011.

The 12 members of the oil exporters' group produced 31.09 million barrels a day of oil in December, according to a Dow Jones Newswires survey of industry sources and analysts. This is lower than November production of 31.102 million barrels a day, which was significantly boosted as Saudi Arabia took is oil output above 10 million barrels a day for the first time in around 30 years.

Saudi Arabian oil production in November was initially estimated at 9.417 million barrels a day in last month's survey, but Saudi Oil Minister Ali Naimi later said the kingdom produced 10.047 million barrels a day due to higher demand from customers. Saudi production fell back to 9.7 million barrels a day in December, the survey found.

Libyan oil production continued to rise faster than most estimates, averaging 900,000 barrels a day in December, the survey found.

Διαβάστε ακόμα