OPEC Exceeds Its Obligations to Reduce Oil Production

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.