OPEC’s crude oil production declined by 193,000 bpd in November from October, as the cartel’s leader Saudi Arabia cut production ahead of the OPEC+ meeting, Iraq tried to fall in line with its quota, and Iran further suffered from the U.S. sanctions. OPEC’s crude oil production averaged 29.55 million bpd in November, the cartel said in its closely-watched Monthly Oil Market Report (MOMR) on Wednesday. The previous monthly report showed that OPEC’s production had jumped by nearly 1 million bpd in October compared to September after top producer Saudi Arabia recovered from the mid-September attacks. In October, the OPEC member with the second-largest monthly production boost was none other than Venezuela, which saw its production rise by 42,000 bpd, according to OPEC’s secondary sources which the cartel uses to track production and compliance. In November, Venezuela recorded its second consecutive month of production growth, by 12,000 bpd to 697,000 […]