The latest Reuters report on Cartel oil production shows that it contracted by 110,000 barrels in November.
Here’s the breakdown:
- Less production than Angola, Saudi Arabia, Iraq and Nigeria
- Production in Angola dropped by 140,000 barrels to support oil fields
- The average production per day was 29.57 million barrels
- Saudi Arabia production fell by 50,000 barrels
- Kuwait production increased by 70,000 barrels
The OPEC meeting is on 5 December. At the absolute minimum, they will extend the OPEC + yield limitation agreement to 1.2 million barrels per day.
Despite news that production is shrinking, the price of oil is already down by about 90 cents. The increase from Kuwait may have an impact or market players position themselves for the upcoming OPEC meeting.
Trader Martin Nikolov