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Reuters Survey: OPEC November oil output fell 300,000 bpd month/month to 32.48 mbpd

Reuters published the results of a recent survey, in which November oil output is expected to fall 300,000 bpd month/month to 32.48 mbpd led by declines in Angola, Iraq, Nigeria, and Venezuela. 

Key highlights

Compared with the levels from which they agreed to cut, in most cases their October 2016 production, the 11 members have reduced output by 1.298 million bpd of the pledged 1.164 million bpd.

That equates to 112 percent compliance, up from 92 percent in October.

October's total was not revised.

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