OPEC Wednesday announced that oil pumping in Venezuela in November reached 697.000 bpd. But one country's increase in production may not have a positive impact in the near future in view of OPEC's decision to curb output in an attempt to keep inventories at a level that holds profit margins attractive.
Oil prices rose early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other global oil players are set to gather in Houston as CERAWeek, the largest energy industry conference, begins on Monday.