• 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
  • 34 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 12 days Russian Officials Voice Concerns About Chinese-Funded Rail Line

Reuters Survey: OPEC Cut 710,00 Bpd In November

Led by Gulf member states, OPEC oil output dropped in November in line with the OPEC+ pledge to cut output by 2 million barrels per day for the month, according to a Reuters survey released on Wednesday.

OPEC produced 29.01 million barrels per day in November, the survey reported, which is 710,000 bpd lower than production for October. 

Of the 2 million bpd OPEC+ output cut pledge, 1.27 million bpd was to be cut from the 10 original OPEC members, which saw November production fall by 720,000 bpd from October to November. 

According to the Reuters survey, that means that actual production is 800,000 bpd below the pledged November output target. That means over-compliance with the November pledge.

African producers such as Angola and Nigeria have lacked the capacity to produce more. 

Saudi Arabia cut its November output by 500,000 bpd compared to October, the survey found.

On December 4th, OPEC+ will meet for a virtual gathering to discuss future output policy. The fact that the meeting will be virtual has some analysts suggesting there will be no surprise changes to the cartel’s production policy as it waits to see what will happen on Monday with plans for a G7 price cap on Russian oil. 

Unnamed sources polled by Reuters earlier this week viewed a rollover of November cuts into December. 

Contrarily, sources quoted by Bloomberg suggested that further cuts might be discussed on Sunday. 

On Tuesday, Goldman Sachs said OPEC+ was highly likely to take further measures to stem a price decline to balance the market. 

However, since then, oil prices have pared losses from earlier in the week. 

At 1:51 p.m. EST on Wednesday, Brent crude oil was trading up 2.87% at $85.41 per barrel, while WTI was trading up 3.04% at $80.58 after having shed around 4% on Monday. 

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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