OPEC Held Supply Flat Last Month as Venezuela Output Fell, Survey Shows

OPEC’s crude production held steady in December as a slump in Venezuela’s output to the lowest in two years was offset by increases in Iraq and some other members, a Bloomberg survey showed.

The Organization of the Petroleum Exporting Countries pumped an average of just over 29 million barrels a day, little changed from the previous month, according to the survey. Venezuelan output declined by about 14% to 830,000 barrels a day as the US blocked and seized tankers as part of a strategy to pressure the country’s leadership.