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OPEC oil production down in November

December 12, 2019/ 08:20

Baku. According to secondary sources, total OPEC-14 preliminary crude oil production averaged 29.55 million barrels per day (mb/d) in November, lower by 193,000 barrels per day (b/d) month-on-month, Trend reports citing OPEC December Oil Market Report (MOMR).

Crude oil output increased mostly in Ecuador, Kuwait and Libya, while production decreased in Saudi Arabia, Angola, Iraq and Iran, reads the report.

The share of OPEC crude oil in total global production decreased by 0.3 percentage points to 29.6 percent in November 2019 compared to the previous month.

Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.

In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.

On July 2, 2019, a decision was made in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.

The 7th OPEC and non-OPEC Ministerial Meeting decided for an additional adjustment of 500 tb/d to the adjustment levels as agreed at the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting. These would lead to total adjustments of 1.7 mb/d. In addition, several participating countries, mainly Saudi Arabia, will continue their additional voluntary contributions, leading to adjustments of more than 2.1 mb. This additional adjustment would be effective as of 1 January 2020 and is subject to full conformity by every country participating in the DoC.

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