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.
Additional takeaways
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.
Market reaction
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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