Oil prices may not turn entirely on supply and demand, at least when it comes to OPEC. Crude has spiked over $50. Last month, on a barrels produced a day basis, OPEC reached a record.
According to Platt’s:
Oil production from the Organization of the Petroleum Exporting Countries (OPEC) for November rose for the sixth straight month to a record 33.86 million barrels per day (b/d), according to a survey of OPEC and oil industry officials by S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets.
- OPEC crude output rises for sixth straight month
- Saudi production falls to 10.52 million b/d; Iraq steady at 4.56 million b/d
- Iran output up to 3.69 million b/d
The November production figure was a 320,000 b/d rise from October output and illustrates the challenge OPEC faces implementing a production cut it finalized in Vienna last week with the aim of accelerating the global oil market’s rebalancing.
Odd that the counties would think they have to push so strongly right up to the date for a hard stop
Many members appear to be pumping at or close to their full capacity to maximize revenues before the OPEC deal goes into force January 1.
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