OPEC oil output steady ahead of anticipated January cuts

The news: The Organisation of Petroleum Exporting Countries (OPEC) kept oil production steady in December before an expected reduction in January.

The numbers: OPEC produced an average 28.05 million barrels a day in December, according to a Bloomberg survey. The wider coalition called OPEC+ will reduce supply by about 900,000 barrels a day in January to try and boost crude prices. Oil futures have fallen about 20% since they approached $US100 a barrel four months ago, amid surging supply from the US and others. Brent crude was trading higher by 3% for $US78.45 a barrel at 10.30am (AEDT) on Thursday.

The context: OPEC's supply cuts aim to prevent a surplus that would lead to greater falls in oil prices. However not every OPEC member is following suit. Nigeria increased supply by about 50,000 barrels a day to 1.49 million a day in December. Bloomberg reported that crude traders were not convinced all 22 nations of OPEC+ would curb supply this month to the levels agreed.