OPEC oil production declined again in November

13.12.2017 [21:36]
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Baku, December 13, AZERTAC

OPEC's oil production fell last month, just before the group met in Vienna to extend its output cuts through the end of next year.

The 14 member nations of the Organization of Petroleum Exporting Countries pumped 32.4 million barrels a day in November, down by 133,500 barrels a day compared with October and down 273,000 barrels a day compared with September.

The cartel's efforts to curb the global oil glut over the past year seem to be paying off, as worldwide inventory levels decline.

Last month, Angola registered the largest reduction in production, its output falling 108,700 barrels a day. It was followed by Saudi Arabia, where production declined 45,400 barrels a day, Venezuela (41,600 barrels a day) and the United Arab Emirates (35,500 barrels a day).

The only country with a significant increase in production was Nigeria, which boosted output by 95,800 barrels a day. Nigeria and Libya, two countries previously exempt from OPEC's agreement to cut production, agreed in late November to cap production at current levels.

OPEC oil production declined again in November

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