2023-12-06T13:54:08+00:00
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/ Reuters news agency revealed, on Wednesday, that the oil production of the oil-exporting countries (OPEC) declined during the month of last November, the first decline of its kind since July, due to the lack of exports coming from some countries. The region, including Iraq, to control oil market imports.
The results of a survey conducted by Reuters showed that the decline in production was due to a decrease in shipments from Iraq and Nigeria, with continued cuts from Saudi Arabia and other members of the broader OPEC+ alliance to support the market.
The survey showed that OPEC pumped 27.81 million barrels per day, a decrease of 90 thousand barrels per day compared to last October.
Production rose in the three months until last October.
The Saudi Energy Minister, Prince Abdulaziz bin Salman, said in statements to Bloomberg yesterday, Monday, that OPEC+ oil production cuts could certainly continue after the first quarter if necessary.
The minister confirmed that the production cuts announced last week will be fully adhered to, noting that approximately half of them come from Saudi Arabia.
The major oil producers in OPEC+ agreed last Thursday to voluntary production cuts totaling about 2.2 million barrels per day in the first quarter of next year.