Opec production dipped in November
Opec crude output dipped to 29.84mn b/d in November, down by 120,000 b/d from a revised six-month high of 29.96mn b/d in October, according to Argus estimates.
Declines in Saudi Arabia and Angola offset increases in Kuwait, Libya and Ecuador last month — the latter is scheduled to end its Opec membership in January and has seen recoveries in output in recent weeks following civil unrest in October.
Opec and its non-Opec allies are currently in a meeting in Vienna to determine the next steps in their production restraint agreement, which is due to expire at the end of March. Opec members yesterday struck an undisclosed deal, details of which are being finalised with its non-Opec partners.
The Joint Ministerial Monitoring Committee (JMMC) — which oversees Opec and non-Opec compliance — yesterday recommended a further 500,000 b/d of cuts, adding to the 1.2mn b/d reduction pledged under the existing deal.
| Opec wellhead production | mn b/d | ||||
| Nov | Oct | Target | Cut needed* | Compliance (%) | |
| Saudi Arabia | 9.90 | 10.1†† | 10.31 | -0.41 | 228 |
| Iraq | 4.63 | 4.65 | 4.51 | 0.12 | 16 |
| Kuwait | 2.71 | 2.64 | 2.72 | -0.01 | 116 |
| UAE | 3.08 | 3.10 | 3.07 | 0.01 | 92 |
| Algeria | 1.03 | 1.02 | 1.02 | 0.01 | 84 |
| Nigeria | 1.89 | 1.87 | 1.77 | 0.12 | -111 |
| Angola | 1.30 | 1.38 | 1.48 | -0.18 | 485 |
| Congo (Brazzaville) | 0.29 | 0.31 | 0.32 | -0.03 | 350 |
| Gabon | 0.20 | 0.22 | 0.18 | 0.01 | -133 |
| Equatorial Guinea | 0.16 | 0.14 | 0.12 | 0.04 | -825 |
| Ecuador | 0.54 | 0.44 | 0.52 | 0.02 | -25 |
| Opec 11 | 25.72 | 25.87†† | 26.03 | -0.31 | 138 |
| Iran | 2.15 | 2.17 | na | na | na |
| Libya | 1.20 | 1.15 | na | na | na |
| Venezuela | 0.77 | 0.77 | na | na | na |
| Total OpecϮ | 29.84 | 29.96†† | na | na | na |
| *negative cut indicates overcompliance | |||||
| ϮIran, Libya and Venezuela are exempt from the deal | |||||
| ††Revised number | |||||
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