OPEC pumped 33.1 million barrels a day last month, down 310,000 barrels a day from November.
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As OPEC starts to make its production cuts work, the true impact of its actions is perhaps most in evidence in an obscure part of the physical oil market.The best sign of how prices are converging is in the so-called Brent-Dubai exchange of futures for swaps, which lets refiners better manage their exposure to the relatively illiquid heavy crude market by allowing them to use the larger liquidity of the Brent market for hedging.OPEC pumped 33.1 million barrels a day last month, down 310,000 barrels a day from November, according to a Bloomberg News survey of analysts, oil companies and monitoring of ship-tracking data.The decline comes as OPEC, which controls around 40 percent of global oil supply, is planning to curb output in a bid to boost prices.
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