Opec+ boosts production in November

The eight core members of Opec+ that are unwinding production cuts increased crude output by 160,000 b/d in November, Argus estimates.

The rise means the eight have increased output by 2.25mn b/d since they started unwinding production cuts on a monthly basis in April 2025.

But the eight's combined production in November, of 33.15mn b/d, was 90,000 b/d below their collective target for the month. This was largely due to compensation requirements and upstream limitations in some members.

The same producers are scheduled for another increase in December, when their collective targets rise by 137,000 b/d. After this, the group has agreed to pause output rises between January and March to account for a seasonal drop in demand.

The eight still have 1.24mn b/d of voluntary cuts left to unwind.

The wider Opec+ group, which includes 18 members with output targets, increased production by 90,000 b/d to 36.25mn b/d in November. The largest increase came from Kazakhstan, which boosted output by 50,000 b/d to 1.73mn b/d on higher production from its Tengiz oil field — 170,000 b/d above its target for the month.

Kazakhstan remains the alliance's biggest overproducer and is yet to deliver on its pledges to compensate for past overproduction.

In contrast, Iraq continued to deliver on its compensation requirements. Its November output fell by 20,000 b/d to 4.09mn b/d — some 170,000 b/d below its target for the month.

Saudi Arabia and the UAE each increased their production by 40,000 b/d.

By Aydin Calik