OPEC Misses Production Quota By 310,000 Bpd
A new survey from Argus showed on Friday that OPEC+ production fell to 38.29 million bpd last month—1.81 million barrels per day short of its reduced quota.
The 19 OPEC+ members subject to the quota produced 310,000 bpd fewer barrels in November when compared to the month prior. But that’s still 1.81 million barrels per day short of its quota for November. November’s quota was a reduction of 2 million barrels per day off October levels, although it was understood at the time that the group might not be able to reach even that reduced target.
Non-OPEC members of the OPEC+ group faired better than the traditional OPEC members, raising the combined output by 460,000 bpd—an eight-month high, according to Argus. Most of those increases came from Kazakstan, which saw a 330,000 bpd production increase, and Russia’s production, which saw an increase of 190,000 bpd after restarting Sakhalin 1.
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