OPEC Exceeds Its Obligations to Reduce Oil Production

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The volume of OPEC oil production in November decreased by 0.3 million barrels per day, to 32.48 million barrels per day. This follows from the results of a recent study conducted by Reuters.

According to the results of the study, the decrease was noted due to a drop in this indicator in Angola, Iraq, Nigeria and Venezuela.

“The volume of the cartel’s production in November was 1.298 million barrels / day lower than the level of October 2016, which is a benchmark within the framework of the OPEC + agreement. In addition, it is 134 thousand barrels / day lower than the commitments made by members of the cartel in the OPEC+ deal. Thus, the level of their compliance in November was 112% compared to 92% a month earlier,” the results of the study show.

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