Oil production in OPEC countries in November fell by 744,000 barrels per day

In November, members of the Organization of the Petroleum Exporting Countries (OPEC) reduced production to 28.83 million barrels per day, which is 744 thousand barrels lower than in October, follows from the data of the December report organizations.

The report also notes that OPEC countries produced even less oil than was envisaged by the decision of member countries in October, when the alliance shortened production quotas for 2 million barrels per day. According to OPEC analysts, the countries have fulfilled the agreement by 174%.

OPEC continues to adhere to past forecasts of the dynamics of oil demand in the world. According to the report, global demand in 2023 will grow by 2.25 million barrels per day, or about 2.3%. The forecast for the final growth in oil demand this year, by 2.55 million barrels per day year-on-year, has also been preserved since last month.

At the same time, analysts raised their forecast for oil production in Russia by 26,000 bpd to 160,000 bpd. According to the results of the outgoing year, production will average 11 million barrels per day, the report says. In the November report, the forecast for oil production in Russia increased by 69 thousand barrels per day.

On December 5, the price ceiling for oil from Russia, adopted by the G7 countries, the EU and Australia, came into force. Norway also joined the agreement. The limits were set at $60 per barrel.

Russian President Vladimir Putin did not rule outthat the answer to the price ceiling will be to reduce fuel production. At the same time, OPEC+ decided not cut production in response to the imposed restrictions.

Erdni Kagaltynov