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OPEC oil output falls in November to lowest since May – Reuters Survey

According to the latest Reuters surveys, OPEC oil output dropped in November by 300,000 barrels per day (bpd), hitting its lowest levels since May this year.

The main catalysts cited behind the drop are strong compliance with a supply cut deal, involuntary declines and falling exports from Angola and Iraq.

Key Findings:

“The biggest drop in output in November, of 100,000 bpd, came from Angola where exports fell to a 13-month low. 

The second-largest came from Iraq. Output and exports in northern Iraq fell in mid-October when Iraqi forces retook control of oilfields from Kurdish fighters who had been there since 2014, and declined further last month.

A boost in exports from Iraq’s south, the outlet for most of the country’s crude, to 3.50 million bpd in November has not quite offset the decline from the north.

Saudi Arabia trimmed output by 30,000 bpd, according to sources in the survey, further below its OPEC target.

Output in November has averaged 32.35 million bpd, about 600,000 bpd above the target adjusted to remove Indonesia and not including Equatorial Guinea.

With Equatorial Guinea, OPEC production in November totaled 32.48 million bpd, down 300,000 bpd from October and the lowest since 32.44 million bpd in May.”

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