OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involunary declines.
OPEC’s adherence to pledged supply curbs rose to 112 percent from October’s 92 percent, the survey found. Top exporter Saudi Arabia pumped below its OPEC target, as did all other members except Ecuador, Gabon and the United Arab Emirates.
The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million bpd as part of a deal with Russia and other non-member producers, which have also committed to production cuts.
Oil LCOc1 is trading near a two-year high supported by falling inventories, strong demand and high compliance with the promised curbs. The producers at a Nov. 30 meeting extended the deal until the end of 2018, as expected.