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12/8/2021, 12:43 PM (Source: TeleTrader)
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OPEC+ lifted November oil output by 0.5M bpd - survey

The Organization of the Petroleum Exporting Countries and its allies increased November oil production by half a million barrels per day as the Omicron coronavirus variant prompted uncertainty in the markets, according to the latest survey published by the S&P Global on Wednesday.

The OPEC boosted the output of crude by 300,000 barrels per day, and other allied states contributed the remaining 200,000 barrels a day, with Saudi Arabia, Russia, Iraq, Kazakhstan, and Nigeria adding 80% of the total increase.

The OPEC+ quota compliance declined to 112.31% in the same month, the report concluded.

Baha Breaking the News (BBN) / ND