Loading price data...
OilMonster

Crude Oil December 06, 2017 06:30:09 AM

OPEC Oil Output Hits Lowest Level in Six Months

Anil
Mathews
OilMonster Author
Only Ecuador, Gabon and the United Arab Emirates pumped more oil than the OPEC permitted limit.
OPEC Oil Output Hits Lowest Level in Six Months

SEATTLE (Oil Monster): The recent spike in crude oil trade in international market has failed to lift monthly crude oil production by the Organization of Petroleum Exporting Countries (OPEC). The OPEC oil output has dropped by 300,000 barrels per day (bpd) in November this year to the lowest level since May this year. It must be noted that the OPEC oil output had risen by 88,000 bpd during the month of September this year. The sharp decline in output is mainly attributed to the strict production cuts implemented by member countries coupled with notable drop in oil exports by Iraq and Angola.

In accordance with the Reuters survey, top exporters including Saudi Arabia recorded production levels below the OPEC stipulated levels. Saudi Arabian oil production has declined by 30,000 bpd in November. Only Ecuador, Gabon and the United Arab Emirates pumped more oil than the OPEC permitted limit. Incidentally, the recently concluded OPEC meet in Vienna had decided to extend the production cuts for additional nine months through December 2018.

Angola reported the biggest drop in output of around 100,000 bpd. The exports from the country dropped to the lowest level in more than one year. A boost in exports from the Southern region of Iraq was more than offset by decline from north. The Venezuelan production too dropped below OPEC levels. Algeria’s output declined for the second consecutive month, mainly on account of oilfield maintenance activities. The Nigerian and Libyan output dropped by 40,000 bpd and 30,000 bpd respectively.

OIL MONSTER Newsletter
Subscribe to OM mailing list and get updates to your inbox