OPEC oil output decreased in November after promised reduction

In November, the OPEC countries decreased the output of oil. Such results were shown by a Reuters poll published on Wednesday. The major exporter Saudi Arabia and other countries of the Gulf also began to extract fewer raw materials. It happened after the expanded OPEC+ alliance decided to sharply cut production. Thus, they planned to support the market in a deteriorating economic situation.

The poll also showed that OPEC countries produced only 29.01 million bpd this month. It’s 710,000 barrels less than in October. In September, production levels were the highest since 2020.

As oil demand recovered, the expanded OPEC+ alliance increased it within the year 2022. Commodity prices declined in November due to fears of recession. Then the alliance achieved the biggest reduction since the coronavirus pandemic in 2020.

Countries can’t reach the required level of production. Many producers, especially Angola and Nigeria, are unable to attract investment. Nigeria also faces the problem of the theft of crude oil.