OPEC’s November Output Drops 300,000 Bpd

5 Dec 2017   OPEC

OPEC’s oil output fell by 300,000 barrels per day in November, giving the bloc its lowest production rate since May, according to a new Reuters survey. Cuts in Angola and Iraq caused most of the drop, which was bolstered by strong compliance to the output reduction deal ahead of an agreement to extend it through the end of 2018. Compliance has now hit 112 percent, compared to 92 percent in October. All but three OPEC nations pumped oil at a rate lower than their assigned quotas. Ecuador, Gabon and the United Arab Emirates were the three holdouts, but all three are tiny producers compared to Saudi Arabia, Iraq and Iran. “Based on the recent past we can start the New Year with relative optimism as far as conformity is concerned,” Tamas Varga of oil broker PVM told Reuters. “The outcome of last Thursday’s meeting looks constructive.” In Vienna, OPEC […]

Comments are closed.