OPEC oil production on the rise

Members of the Organization of the Petroleum Exporting Countries (OPEC) raised oil production in December, moving further away from the cartel's target quotas, according to data issued by the group on Tuesday, DPA reported.

The Vienna-based organization pumped 29.14 million barrels per day (bpd) in December, 78,000 bpd more than in the previous month. One barrel equals 159 litres.

Meanwhile, commercial oil stocks in industrialized countries remained 90 million barrels above the five-year average, OPEC said in its monthly oil market report for December.

The 11 countries in OPEC's quota system pumped 17 per cent above the agreed output limit of 24.85 million bpd.

The United Arab Emirates and Nigeria opened their oil taps the widest. OPEC member Iraq, which is not included in the quota system, also increased production.

OPEC kept its global oil demand outlook nearly unchanged at 85.15 million bpd for this year, 0.98 per cent over 2009 levels.

The cartel's basket price fell to 75.79 dollars per barrel on Monday, continuing last week's trend based on rising temperatures and increases in US oil stocks.