Crude had surged more than 15 per cent in the foam wall panel barrel screws Factory four sessions since the November 30 OPEC meeting. Brent futures slid $1. 30 to cut output, as data showing record high production in the producer group fed skepticism that it would be able to reduce supplies.The US EIA expects US crude production to fall less than previously expected to 8.01 to settle at $53.19 million barrels per day (bpd) from 33.4 million bpd in 2015, according to its monthly short term energy outlook.93 a barrel, while US West Texas Intermediate (WTI) crude futures fell 86 cents to $50.01 to settle at $53.93 per barrel.93 per barrel.93 a barrel, while US West Texas Intermediate (WTI) crude futures fell 86 cents to $50.21 million bpd, its highest in nearly 30 years.As part of last week39;s decision, OPEC said major oil producers outside the group would cut 600,000 bpd of production on top of OPEC39;s 1.2 million bpd reduction.New York: Oil prices on Tuesday ended lower for the first time since OPEC agreed on Nov.20 a barrel from December.OPEC39;s output set another record high in November, rising to 34.Brent futures slid $1.Crude had surged more than 15 per cent in the four sessions since the November 30 OPEC meeting.

If the Cushing build is reinforced in Wednesday39;s report from the US Energy Information Administration, that would signal the largest weekly rise since January 2009, data showed.9 million bpd in 2016 and to 8.But in a sign the fight for market share is not over, Saudi Aramco cut the January price for its Arab Light grade for Asian customers by $1.8 million bpd in 2017 from 9."Prices fell for the first day in five in reaction to news that OPEC39;s output hit a record high last month," said James Williams, president of energy consultant WTRG Economics in Arkansas.Market watchers had said OPEC39;s decision to cut output marked an about-face for Saudi Arabia, which has been battling to keep market share for the past two years by selling more, if cheaper, barrels rather than bolstering prices.end-ofTags: oil, oil price, crude oil, brent, wti, opecLocation: United States, New York, New York.Russia reported average oil production in November of 11. That means OPEC and Russia alone produced enough to cover almost half of global oil demand, which is just above 95 million bpd.Oil prices pared losses slightly after inventory data released late Tuesday from the American Petroleum Institute showed US crude stocks dropped more than expected last week despite a hefty build of 4 million barrels in Cushing, Oklahoma.82 million bpd in October, according to a Reuters survey. Those countries and OPEC meet this weekend to finalize the terms.