By KYIV. Dec 14 (Interfax-Ukraine) – OPEC+ countries produced 38.38 million barrels of oil per day in November, 1.172 million bpd below the 40.1 million bpd permitted by their agreement to regulate output, the International Energy Agency said in its monthly oil report.
This was 480,000 bpd lower than in October and the biggest monthly drop since April, when production in Russia was reduced due to sanctions.
Output by OPEC countries participating in the agreement in amounted to 24.65 million bpd in November, which is 0.77 million bpd below the quota, mainly due to cutbacks as part of the deal in Saudi Arabia, the UAE, Iraq and Kuwait.
Non-OPEC countries participating in the OPEC+ deal produced 960,000 bpd less than the set quota of 15.37 million bpd, but this is 270,000 bpd more than in October, above all due to recovery in Kazakhstan, which increased output by 230,000 bpd in November to 1.68 million bpd, slightly more than the quota.
Oil production in Russia increased by 90,000 bpd to 9.81 million bpd, but 670,000 bpd below the quota.
The IEA expects a sharper reduction in OPEC + production in December, partly due to the EU ban on seaborne imports of Russian oil, as well as the price cap on Russian crude.
