OPEC raises November oil output by 750,000 bpd

OPEC raises November oil output by 750,000 bpd

OPEC raises November oil output by 750,000 bpd

OPEC raises November oil output by 750,000 bpd

OPEC had 102 percent compliance with agreement to cut oil supply in November. (File/AFP)

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OPEC raises November oil output by 750,000 bpd

Members meet this week to discuss the possibility of cutting oil output

Updated 01 December 2020

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The Organization of the Petroleum Exporting Countries (OPEC) increased oil output for the fifth straight month in November, ahead of the next OPEC + meeting.

OPEC raised oil output by 750,000 barrels per day (bpd) to 25.31 million in November, according to a Reuters survey.

Thus, the oil output continued rising from its 30-year low hit in June.

OPEC had 102 percent compliance with agreement to cut oil supply in November.

OPEC+ members will meet on Monday and Tuesday to discuss the possibility of cutting oil output to 2 million bpd as of January.

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Updated 25 min 42 sec ago

Shane McGinley

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