Oil rose, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand

OPEC+ maintained its oil output policy as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for demand recovery

The 13-member Organization of the Petroleum Exporting Countries is pumping 25.75 million barrels per day in January, the survey found, up 160,000 bpd from December and a further increase from a three-decade low reached in June

Saudi shipments to China in 2020 were rose 1.9% from a year earlier to 84.92 million tonnes, or about 1.69 million bpd, data from the General Administration of Chinese Customs showed

The outlook for US shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said, in a sign its policy of cutting output is helping rivals pump more

Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event

Brent crude climbed 44 cents, or 0.8%, to $54.82 a barrel by 1007 GMT, the highest since late February, and U.S. West Texas Intermediate (WTI) gained 36 cents, or 0.7%, to $51.19, also its highest level since late February

The rest of OPEC+ will hold output steady, meaning the group’s overall cuts would amount to around 7.05 million bpd by March, excluding the planned voluntary additional cuts from Saudi Arabia

Saudi Arabia’s crude oil exports rose for the fourth straight month to 6.16 million barrels per day (bpd) in October from 6.07 million bpd in September, official data showed

OPEC+ members will consider whether to extend existing oil cuts for three to four months or to gradually increase output from January during their two days of talks