Excluding Iraq, the ten members with quotas managed to reduce their combined output by 180,000 b/d, producing an average 25.63-mil b/d in November against October's 25.81-mil b/d. But the so-called OPEC-10 overshot their new 24.5-mil b/d ceiling, which came into effect at the beginning of November, to the tune of 1.13-mil b/d.
The biggest single reduction -- 120,000 b/d -- came from Saudi Arabia, which produced 8.31-mil b/d in November against 8.43-mil b/d in October, the survey showed. Other smaller cuts ranging from 10,000 b/d to 60,000 b/d came from Kuwait, Libya, the UAE and Venezuela. These cuts, totaling 230,000 b/d, were more than offset by increases totaling 240,000 b/d. Iraq, which boosted its production by 190,000 b/d month-on-month to produce an average 1.89-mil b/d in November, accounted for the biggest single increase.
Smaller increases of 40,000 b/d and 10,000 b/d came from Iran and Nigeria. Iran produced 3.81-mil b/d in November against 3.77-mil b/d in October, while Nigeria increased output from 2.23-mil b/d in October to 2.24-mil b/d in November.
The September decision to reduce output by 900,000 b/d from November stunned world oil markets. Ministers meeting in Vienna last week left quotas unchanged but, despite the crude basket hovering around the top end of OPEC's $22-28/bbl target band, talked about the likely need to cut output early next year.
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