OPEC’s November output falls to lowest level since May

The Organization of the Petroleum Exporting Countries’ (OPEC) oil output fell by 300,000 barrels per day (bpd) in November, its lowest level since May, a survey conducted by Reuters showed.

November’s output was hit by a drop in Angolan and Iraqi exports, strong compliance to the supply cut deal, as well as involuntary declines.

OPEC compliance to the output cut deal more than doubled last month (+112 percent), compared to a rate of 92 percent in October.

Top exporter Saudi Arabia trimmed output by 30,000 bpd, remaining below its OPEC targer. All other members also cut supply, except Ecuador, Gabon and the United Arab Emirates, the survey showed.

The biggest drop in output last month came from Angola, where production fell by 100,000 bpd. The African country’s exports fell to a 13-month low, mainly due to field maintenance.

Angola was followed by Iraq, where output and exports have been on the decline since mid-October when Iraqi forces retook control of oilfields from Kurdish fighters.

OPEC and non-OPEC oil producers agreed in December to reduce output by about 1.8 million bpd to ease oversupply and bolster prices. The deal was recently extended to run until the end of next year.