Oil dips as OPEC joins Russia in upping output

Oil prices eased early in Asia as crude output rises in virtually every major export region despite plans by OPEC and Russia to cut production, triggering fears that a fuel glut that has dogged markets for over two years might last well into 2017. International Brent crude oil futures were trading at USD 54.55 per barrel at 0128 GMT, down 39 cents, or 0.7 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at USD 51.32 a barrel, down 47 cents, or 0.9 percent. Traders said the price falls were due to rising output from within the Organization of the Petroleum Exporting Countries (OPEC) and Russia. OPEC's oil output set another record high in November, rising to 34.19 million barrels per day (bpd) in November from 33.82 million bpd in October, according to a survey based on shipping data and information from industry sources. Russia on Friday reported average daily oil production of 11.21 million bpd for November - its highest in almost 30 years.