OPEC registers decline in oil output
The Aramco Oil Refinery in Dahran, Saudi Arabia, Middle East./Getty Images

The Aramco Oil Refinery in Dahran, Saudi Arabia, Middle East./Getty Images

OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering (IPO) of state-owned Saudi Aramco, a Reuters survey found.

The 14-member Organization of the Petroleum Exporting Countries on average has pumped 29.57 million barrels per day (bpd) this month, according to the survey. That is down 110,000 bpd from October's revised figure.

The survey suggests Saudi Arabia, after resuming normal supply after attacks on facilities in September, is still pumping far less than an OPEC-led supply deal allows. OPEC meets to review the pact on Dec. 5, the same day Aramco is due to announce the final offer price.

OPEC, Russia and other allies, known as OPEC+, agreed to reduce supply by 1.2 million bpd from Jan. 1. OPEC's share of the cut is about 800,000 bpd, to be delivered by 11 members, with exemptions for Iran, Libya and Venezuela.

OPEC's largest production drop of 140,000 bpd was in Angola, which exported less crude in November due to maintenance affecting the Girassol crude stream, traders said.

Saudi Arabia has pumped 9.85 million bpd, down 50,000 bpd from October, the survey found.

Nigeria, which has consistently pumped more than its OPEC target, continued to do so in November, the survey found, although output has edged lower this month.

Among countries pumping more, the largest increase was in Kuwait, which increased output by 70,000 bpd to 2.72 million bpd, reaching its exact quota level.

Source(s): Reuters