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OPEC+ cut oil production in November

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OPEC countries participating in the deal cut production in November by 55 thousand bpd – to 21.22 million bpd.

Countries participating in the OPEC+ agreement produced 35.23 million barrels of oil per day in November, while the plan, which takes into account quotas, voluntary cuts and compensation for previously uncut volumes, provided for in November for the production of 35.45 million bpd, that is, production. came out to be 222 thousand b/d below the plan. This is confirmed by the monthly report of OPEC.

OPEC countries participating in the deal cut production in November by 55 thousand bpd – to 21.22 million bpd, but it was 86 thousand bpd above the plan. Non-OPEC countries increased production by 219 thousand b/d to 14 million b/d, but below the plan of 308 thousand b/d.

Countries that had previously allowed production to exceed their obligations have again breached them. Although Iraq reduced production by 45 thousand b/d – to 4.04 million b/d, it produced above the plan of 143 thousand b/d. Kazakhstan increased production by 202 thousand b/d (after Kashagan was repaired – ed.) – to 1.5 million b/d, but above the plan of 62 thousand b/d.

In November, Russia cut oil production by 7 thousand b/d to 8.99 million b/d, although it was 46 thousand b/d above the plan.

Let’s recall that earlier oil prices rose after Israel and the Lebanese group Hezbollah exchanged accusations of violating the ceasefire, and OPEC+ postponed a meeting where they should agree on further cuts in production.

The UAE will increase oil production starting next year
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Source: korrespondent

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