According to the latest Platts survey by S&P Global Commodity Insights, the oil output produced by OPEC and its allies (OPEC+) dropped by 700,000 b/d in November, the steepest monthly decrease since April when Russian production plunged due to sanctions.
OPEC's 13 countries produced 28.87 million b/d, a fall of 850,000 b/d from October, while Russia and eight other allies pumped 13.70 million b/d, up 150,000 b/d.
Gulf producers Saudi Arabia, the UAE, Kuwait and Iraq led the way, with all of them carrying out hefty cuts, as demand concerns have led to a very bearish sentiment in the oil markets.
These four producers cut a cumulative total of 780,000 b/d last month, accounting for almost all of the group's supply reduction.
Saudi Arabia cut output by a weighty 440,000 b/d, averaging 10.46 million b/d last month, its lowest since May.
Some of the cuts were offset by gains in Kazakhstan, Nigeria and Russia.
WTI has bounced from lows on the above report, trading at $71.76, up 0.25% on the day, at the time of writing.
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