Oil Eases 1 pct on Profit-Taking as U.S. Output Eyed

A Reuters survey of output from the 13 OPEC members indicated production fell by 300,000 bpd in November. Supply from the 11 members with production targets under the original accord fell by 230,000 bpd.

The latest agreement allows for producers to exit the deal early if the market overheats. Russian officials had expressed concern that extending the cuts might encourage U.S. shale oil companies, which have been a thorn in OPEC's side, to pump more crude.

(Additional reporting by Aaron Sheldrick in TOKYO and Emily Chow in KUALA LUMPUR and Amanda Cooper in LONDON and Jessica Resnick-Ault in New York; Editing by Marguerita Choy and Richard Chang)

Copyright 2017 Thomson Reuters.


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