Oil production of the Organization of the Petroleum Exporting Countries (OPEC) dropped in November 2017, by 300,000 barrels per day (b/d) to reach its lowest output level since May 2017, according to a Reuters‘ survey.
The low production was affected by a decrease in Angolan and Iraqi exports, due to the compliance with the supply cut deal, CNBC reported.
Angola’s exports dropped to a 13-month low, as the African Country’s exports decreased in recent months due to field maintenance. Meanwhile, production from Northern Iraq started decreasing in mid-October when Iraqi forces regained control over oilfields from the Kurdish fighters. Kurdish fighter had been in the northern fields since 2014.
In addition, OPEC’s top exporter Saudi Arabia and other OPEC members produced less than their OPEC target, except for Gabon, Ecuador, and the United Arab Emirates (UAE).
OPEC’s compliance to supply curbs deal has rose to 112% in November, compared to 92% in October 2017, the survey found.