OPEC+ members are unable to produce even permitted quotas
For one reason or another, the overall production of the members of the OPEC+ alliance falls far short even of the permitted quotas. In total, OPEC countries in November reduced oil production by 744 thousand barrels per day - up to 28,83 million barrels per day. OilPrice writes about this.
The total production of the remaining countries participating in the expanded OPEC + agreement decreased by 683 thousand barrels per day, to 24,49 million barrels per day. Such data are given in the official report of the energy cartel. At the same time, their permitted quota under the OPEC+ agreement was 25,416 million barrels per day. Thus, the delay from the plan under the deal amounted to 0,94 million barrels per day.
One of the largest production cuts in November from the level of the nationally set quota under OPEC + was recorded in Saudi Arabia - a decrease of 404 thousand barrels per day, to 10,47 million barrels per day. Also, as part of the deal, the production of the UAE was significantly reduced - by 149 thousand barrels, to 3,04 million barrels per day; Iraq - by 117 thousand barrels, up to 4,47 million barrels per day; Kuwait - by 121 thousand barrels, up to 2,69 million barrels per day. As before, Angola, Congo and Nigeria do not significantly fulfill the plan for production.
The International Energy Agency estimates that Russia is the furthest behind in production, with production cuts recorded at about 1 million barrels per day below its quota under the OPEC+ agreement.
The reasons for this global decline in production are called a decrease in demand due to policy China in relation to the covid lockdown, the global recession, the energy crisis, as well as the political conjuncture around several OPEC + member states that are affected by US and allied sanctions.
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