November OPEC Production Fell by 1.05mbpd: Bloomberg Survey

OPEC production fell by 1.05mbpd to an average of 28.7mbpd according to a Bloomberg survey. Output reduced by the most since 2020 as the group fulfilled target cuts agreed at the last OPEC meeting in October.

• Saudi Arabia cut production by 470kbpd to 10.44mbpd with UAE and Kuwait also reducing output.
• The group is expected to keep supplies unchanged at the next meeting on Dec 4 although lower prices and weaker demand have increased the risk of further cuts.
• Even without any changes in targets, OPEC+ production could still decline due to lower Russian output following the EU ban and the oil price cap from Dec 5. EU members are getting closer to an agreement on a Russian oil price cap with a level of $60/bbl.
• The Bloomberg survey is based on ship-tracking data, information from officials and estimates from consultants including Kpler Ltd., Rystad Energy and Rapidan Energy Group.
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