OPEC cuts oil production by 11,000 bpd for November


December 13, Fineko/abc.az. Last month OPEC lowered oil production by 11,000 bpd (versus October) to 32.965 million bpd.

The December’s report of the Organization says that oil production grew most of all in Saudi Arabia, the UAE, and Kuwait, while declined in Iran, Venezuela, Nigeria, and Iraq.

"In November oil production decreased by 380,000 bpd to 2.954 million bpd in Iran, by 52,000 bpd to 1.137 million bpd in Venezuela, by 30,000 bpd to 1.736 million bpd in Nigeria, and by 23,000 bpd to 4.631 million bpd in Iraq.

Last month Saudi Arabia increased oil production by 377,000 bpd (compared to October) up to 11.016 million bpd, the UAE by 71,000 bpd up to 3.246 million bpd, and Kuwait by 45,000 bpd up to 2.809 million bpd," the report says.