Free Trial

Saudi Crude Output At 6-Month Low: Platts Survey


OPEC+ oil output in November saw the steepest monthly decrease since April, led by Saudi output cuts, the latest Platts survey by S&P Global Commodity Insights showed.

  • Saudi Arabian output fell by 440kbpd in Nov averaging 10.46mbpd, its lowest since May.
  • The UAE also saw a sharp fall in its exports, with production declining by 130kbpd last month, while Kuwait trimmed output by 120kbpd.
  • OPEC's 13 countries produced 28.87mbpd, a fall of 850kbpd from October.
  • Russia and eight other allies pumped 13.70mbpd, up by 150kbpd.
  • The overall decrease came as the alliance began implementing its 2mbpd cut to quotas to counter economic headwinds.
  • The gap between the group's quotas and actual production narrowed to 1.89mbpd in Nov, compared with 3.273mbpd in Oct.
  • In total, only 14 of the 22 countries in the coalition reduced production last month. Output gains were seen in Kazakhstan, Nigeria and Russia.

To read the full story



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.