OPEC oil output falls 110,000 bpd in November to 29.57M bpd – Reuters

Eren Sengezer FXStreet

Crude oil output by the Organization of the Petroleum Exporting Countries fell 110,000 barrels per day (bpd) in November to 29.57 million bpd, a Reuters survey showed on Friday.

"OPEC's biggest output drop in November was in Angola where production fell 140,000 bpd due to field maintenance," Reuters added.

Although lower oil output is usually supportive, the fact that this development could cause producers to refrain from extending output cuts in next week's meeting seems to be weighing on crude oil prices. As of writing, the WTI was trading at $57.30, losing 1.6% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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