OPEC Oil Output Falls to Six-Month Low but U.S. Fills Gap

14 Dec 2017   OPEC

A worker makes adjustments in the Bashneft PAO oilfield in Russia. OPEC production fell to its lowest in six months but rival U.S. production was surging faster than expected, meaning oil markets may not rebalance before the end of 2018, the oil cartel said Wednesday in its closely watched monthly oil report. The Organization of the Petroleum Exporting Countries said its crude production fell by about 133,500 barrels a day in November to 32.45 million barrels a day. The group and its Russia-led allies agreed last month to extend the combined production cuts of 1.8 million barrels a day until the end of 2018. However, the output decrease last month was tied to other factors with domestic demand for Saudi oil declining in the winter and Angola and Venezuela facing production issues. However, OPEC said other producers were fast filling the gap, notably U.S. shale-oil companies that have been […]

Comments are closed.