OPEC oil output has fallen in November as Angolan production has slipped due to ...
LONDON - OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering of state-owned Saudi Aramco, a Reuters survey found.
The survey suggests Saudi Arabia, after resuming normal supply after attacks on facilities in September, is still pumping far less than an OPEC-led supply deal allows. OPEC meets to review the pact on Dec. 5, the same day Aramco is due to announce the final offer price. The 11 OPEC members bound by the agreement, which for now runs until March 2020, have easily exceeded the pledged cuts. Compliance has risen to 152% in November, the survey found, from 135% in October, although Iraq and Nigeria remain laggards among larger producers.OPEC’s largest production drop of 140,000 bpd was in Angola, which exported less crude in November due to maintenance affecting the Girassol crude stream, traders said.
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