OPEC’s oil production dipped slightly in November, even though OPEC+ had agreed to boost output during the month, Reuters reports.
The organization produced 28.40 million barrels per day, down 30,000 barrels per day from October. The biggest drops came from Iraq and Nigeria.
In Iraq, exports fell due to pipeline maintenance, while Nigeria’s decline was linked to a fire at the Yoho production platform, which forced a temporary shutdown.
Under a November OPEC+ agreement, five OPEC countries—Algeria, Iraq, Kuwait, Saudi Arabia, and the UAE—were set to raise production by 85,000 barrels per day. However, planned compensation cuts of 140,000 barrels per day for Iraq and the UAE reduced the overall impact.
Estimates for Iraq and the UAE’s production vary widely, with some external sources suggesting their actual output could be higher than official numbers.
