ECONOMY


OPEC crude oil production rises in November

Baku, December 15, AZERTAC 

Global oil production in November increased by 1.62 million bpd compared to the previous month to average 92.53 million bpd, showing a year-on-year fall of 8.8 million bpd, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Monday, Anadolu Agency reports.

In November, OPEC crude oil production rose by 0.71 million bpd month-over-month to average 25.11 million bpd, according to the report.

As a result, the share of OPEC crude out of total global production rose to 27.1% in November, marking a 0.3% increase compared with the previous month.

Crude oil output increased mainly in Libya and the United Arab Emirates (UAE), while production decreased primarily in Iraq.

Exempted from OPEC production cuts, Libya was the country among OPEC members that raised its monthly crude oil production the most in November with an increase of 656,000 bpd to reach 1.1 million bpd.

Iraq’s production, however, fell by 76,000 bpd to 3.76 million bpd.

Non-OPEC liquids production in November increased by 0.91 million bpd compared with the previous month to average 67.42 million bpd.

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