OPEC countries reduced oil production by 0.74 million bpd in November

Shafaq News/ In November, OPEC countries reduced oil production by 744 thousand bpd compared to 28.83 bpd in October.

OPEC report said the total production of countries participating in the OPEC + agreement decreased by 683 thousand bpd to reach 24.49 million bpd. At the same time, their permitted quota under the OPEC + agreement was 25.416 million bpd. Thus, the backlog from the plan under the deal amounted to 0.94 million b/d.

The largest reduction in production in November to the level of the established quota under OPEC + was recorded in Saudi Arabia – by 404 thousand bpd, up to 10.474 million bpd. Also, as part of the deal, the UAE production was significantly reduced by 149,000 bpd to 3.04 million bpd; Iraq, by 117 thousand bpd, up to 4.47 million bpd; Kuwait – 121,000 bpd, up to 2.69 million bpd.

Angola (+38 thousand bpd) and Nigeria (+92 thousand bpd) still fall short of their production plan.