OPEC member states manage to comply with the OPEC+ oil cuts by 104% in November

OPEC member states manage to comply with the OPEC+ oil cuts by 104% in November
  • Clock-gray 10:06
  • calendar-gray 15 December 2020

The oil production by OPEC member states last month grew by 710,000 barrels a day month-on-month to 25.11 million barrels a day (mbd), but the organization has managed to comply with the OPEC+ oil cuts by 104 percent as the increase in production was largely attributed to Libya, APA reports citing OPEC's monthly report.

"According to secondary sources, total OPEC-13 crude oil production averaged 25.11 mb/d in November 2020, up by 0.71 mb/d m-o-m. Crude oil output increased mainly in Libya and UAE, while production decreased primarily in Iraq," the report read.

At the same time, the OPEC's compliance with the oil production cuts agreement remained 104 percent, unchanged from October, according to the report.

Many members of the deal have seemingly contributed additional cuts in order to offset shortcoming in the previous months. The United Arab Emirates (UAE) complied by 112 percent, Angola by 125 percent, Iraq by 105 percent, Nigeria by 107 percent. Congo and Gabon are among underperformers with the oil cuts as they only complied by 73 percent and 24 percent, respectively.

At the same time, oil production in Libya, which is a member of OPEC, but is exempt from the oil cuts agreement, increased by 656,000 barrels a day on a month-on-month basis, to 1.1 mbd, according to the OPEC figures.

Emil Ismayilov

Other news