OPEC Production Fell by 300K b/d in November

OPEC Production Fell by 300K b/d in November

OPEC oil production fell by 300,000 barrels per day (b/d) in November, Reuters reports.

Production declined from 32.78 million b/d to 32.48 million b/d, data collected by Reuters showed.

The decline marked the lowest production figures for the oil cartel since May, the news agency reports.

In November, OPEC went beyond its obligatory production limits under its agreement with a group of non-OPEC oil-producing states, making 112% of its agreed-upon cuts, according to Reuters.

One-third of the reduction, however, came from Angola due to field-maintenance projects, the news agency reports.

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