New Telegraph

OPEC’s Oil Output Falls First Time Since July

C rude oil production by Organisation of Petroleum Exporting Countries (OPEC) declined in November for the first monthly decline since July, Reuters survey has shown. It explained that OPEC’s crude oil production dropped in November for the first monthly decline since July as Nigeria and Iraq saw lower shipments, the monthly Reuters survey disclosed yesterday.

It stated that OPEC produced 27.81 million barrels per day of crude last month, a drop of 90,000 bpd compared to October. The report noted that in November, Iran, which is exempted from the OPEC+ cuts, further increased its output to a five-year high.

It said: “In the three months before November, OPEC’s oil output was either flat or rising as growing supply from African members and Iran largely offset lower output elsewhere. “In November, Iran, which is exempted from the OPEC+ cuts, further increased its output to a five-year high.”

Meanwhile, oil prices dipped yesterday as West Texas Intermediate contract for January fell $2.80, or 3.87 per cent, to trade at $69.52 a barrel, while the Brent contract for February declined $2.68, or 3.47 per cent, to $74.52 a barrel. According to CNBC, U.S. crude and the global benchmark have hit their lowest levels since June, despite efforts by OPEC+ to boost prices by promising to slash supply in the first quarter of 2024.

It said: “Oil prices have been on a steep downward trajectory from September highs as nations outside OPEC+, particularly the U.S., pump crude at breakneck clip and worries grow about the Chinese economy.”

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