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U.S. producers and OPEC not always on the same page

Correlations between U.S. and OPEC oil production and crude prices were near inverses of one another at several points in 2015 and 2016, most recently in November.

Data from December show that the production cuts OPEC members approved are being honored and affecting the oil market as the price of a barrel of Brent crude ended 2016 at $53.72, an 8.7% advance in December and a 14.6% gain since Nov. 1.

Throughout the first half 2016, U.S. production declined, falling to 8.5 million barrels per day at the end of July as crude priced inched higher toward $50 per barrel. U.S. producers gained more confidence in the market in the latter half of the year and increased output, reaching 8.9 million barrels per day by the end of the year.