• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours How Far Have We Really Gotten With Alternative Energy
  • 9 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 22 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

OPEC’s November Output Drops 300,000 Bpd

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 agreed to continue reduced production, in hopes of continuing the oil price rebound to a higher level. OPEC and Russia-led non-OPEC oil producers left any ‘exit strategy’ talk out of their agreement last week, but Saudi Arabia’s Energy Minister Khalid al-Falih recently fed the market some hints about what OPEC would do after the cuts.

Unless sudden oil market developments occur, OPEC is expected to continue sticking to the production cuts until the end of next year, and “we will not alter our course in the second half of the year,” al-Falih said at a news conference in Riyadh on Monday.

“However, we think that the outlook for when we will hit the balanced market will be clearer in June, and we will start thinking of what do we do in 2019,” the most powerful oil minister at OPEC said, as carried by Reuters.

“The intent is not overnight to open the taps and flood the market,” Bloomberg quoted al-Falih as saying.

ADVERTISEMENT

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Ted Chred on December 05 2017 said:
    No need to worry, shale to the rescue. You can sleep good at night knowing shale is churning up the ground under you. "Shale" its whats for dinner. "Shale" the other white meat.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News