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OIL
Led by a drop in Iraqi production, OPEC+ output fell by 110,000 bpd in November m/m to 42.6mn bpd according to a Platts survey.
- OPEC 13 output contracted by 70,000 bpd to 27.82mn bpd in November.
- 10 non-OPEC allies, led by Russia, pumped 40,000 bpd less.
- Saudi Arabia, OPECs largest producer, kept November production flat on the month at 9 mn bpd.
- Iraqi production fell from 4.4mn bpd 4.29mn bpd but remains 70,000 bpd over its quota.
- “Iraq, OPEC's second-biggest member, had its output affected by stormy weather in the month, which prevented loadings from its southern ports, as well as a lingering dispute with the semi-autonomous Kurdistan region over payments to oil companies.” Platts reported.
Source: Platts
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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