After many months of poor output, Nigeria, last month, ramped up production, albeit marginally, by 171,000 barrels according to the Organisation of the Petroleum Exporting Countries (OPEC) data, even though the cartel’s crude oil production in November, fell by an average of 744,000 barrels per day.
However OPEC yesterday, left its key projections for oil supply and demand unchanged in its latest Monthly Oil Market Report (MOMR).
Saudi Arabia’s November production fell by the most among its members, by 404,000 bpd, to 10.474 million bpd—Saudi Arabia’s lowest monthly average since May 2022.
Overall, OPEC’s average production for November fell to 28.826 million bpd—the lowest average production level since June, while Angola, Gabon, and Nigeria went the other way, increasing their production by a collective 132,000 bpd.