OPEC countries in November 2022 reduced oil production by 744,000 barrels per day to 28.826 million barrels per day, according to the December report of the Organization of Petroleum Exporting Countries (OPEC).
In November, the OPEC countries (except Iran, Libya and Venezuela), participating in the OPEC+ agreement, reduced oil production by 626,000 bpd, to 24.478 mln bpd, which is almost 1 million bpd below the volume, stipulated by the deal.
According to the plan, from November the OPEC+ countries were to reduce oil output by 2 million bpd in comparison with the August level. That means that under the agreement 10 OPEC countries had to reduce production by 1.273 mln bpd, to 25.416 mln bpd.
Already in October, the OPEC countries’ oil production volume was below the new quotas. Then the production level amounted to 25.104 mln bpd.
In November, the real volume of production by OPEC countries amounted to 24.478 mln bpd, which is 938,000 bpd lower than the level stipulated by the OPEC+ agreement.
According to the report, in November, oil production in Saudi Arabia (the largest oil producer in OPEC) decreased by 404,000 bpd to 10.474 mln bpd, which is almost in line with the plan under OPEC+ (10.478 mln bpd). The UAE cut production by 149,000 bpd to 3.037 mln bpd, which is slightly above the permitted level of 3.019 mln bpd.
In November, Iraq reduced production by 117,000 bpd to 4.465 mln bpd, and slightly fell short of its target under the OPEC+ deal to reduce production (Iraq's quota is 4.431 mln bpd).
Ten of the 13 members of the OPEC are participating in the OPEC+ agreement to cut oil production, as Iran, Libya and Venezuela are exempt from restrictions. In November, oil production in Venezuela fell by 26,000 bpd to 656,000 bpd, in Libya by 32,000 bpd to 1.133 mln bpd, while Iran reduced production by only 1,000 bpd to 2.559 mln bpd.
