Oil dips as OPEC,Russian output rises ahead of production cut....!

International Brent crude oil futures were trading were trading at USD54.64 per barrel at 0935 GMT, down 30 cents US West Texas Intermediate Crude was at USD 51.39 a barrel, down 40cents.

Oil prices slipped as crude output rose is virtually every major export region despite plans by OPEC and Russia to cut production, triggering years that a fuel glut that has dogged markets for over two year might last well into 2017.

International Brent Crude Oil futures were trading at USD54.64 a barrel, down 40 cents.

Trade and analysts said the boost from last weeks decision by OPEC to cute Crude production faded and cartel's promise had been undermined by data showing rising production from within its member countries and Russsia.

"What's troubling is that the rise is coming from African producers two of which are exempt from cutting production,"he said."The meeting between OPEC and Non-OPEC production will be crucial in order to maintain the bullish sentiment seen since last.     

OPEC's oil output set another record high in November, rising to 34.19 million barrels per day (bpd) from 33.82 million bpd in October, according to a Reuters survey based on shipping data and information from industry sources. And Russia reported November average daily oil production at 11.21 million bpd, its highest in nearly 30 years. That means OPEC and Russia alone produced enough to cover almost half of global oil demand, which is just above 95 million bpd. The news came just days after OPEC and Russia agreed an historic deal to cut output in 2017, triggering a more than 10 percent rise in prices, in a bid to end a fuel supply overhang. As part of the deal, OPEC said major oil producers not part of the group had agreed to cut a further 600,000 bpd of production. These countries and OPEC are due to meet this weekend to finalise their portion. In a further sign that the fight for market share is not over - especially in Asia, the world's biggest consumer region - Saudi Aramco cut the January price for its Arab Light grade for Asian customers by USD 1.20 a barrel versus December.