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OPEC Nov output declines due to Angola, production cut deal

Dec 17, 2017
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OPEC crude output slipped in November as 14-member states cut production in compliance with a supply cut deal.

The 14-member Organization of the Petroleum Exporting Countries (OPEC) crude oil production averaged 32.45 million barrels per day (bpd) in November according to secondary sources, a decrease of 133,000 bpd over the previous month and the lowest since May.

OPEC 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.

OPEC and non-OPEC member producers at a Nov. 30 meeting extended the deal until the end of 2018.

November crude oil output increased mainly in Nigeria, while production decline was led by Angola, followed by Saudi Arabia, Venezuela and UAE.

Angolan exports fell to a 13-month low as field maintenance curbed production while, Venezuela faced production limitations due to lack of funds.

OPEC last year announced a production target of 32.5 million bpd, which included Indonesia but which has since left the organisation. November’s output was about 600,000 bpd above the target adjusted to remove Indonesia.

Meanwhile, OPEC said preliminary data suggests that global oil supply increased by 840,000 bpd to average 97.44 million bpd in November 2017 compared with the previous month.

Preliminary November supply data shows an increase in non-OPEC supply (including OPEC NGLs) by 980,000 bpd to average 64.90 million bpd.

This was mainly driven by the US, Canada, Norway, UK and Brazil.

On a monthly basis, the total US rig count rose by 2 units in November to average 919 rigs, OPEC cited Baker Hughes data.

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