The Organization of the Petroleum Exporting Countries (OPEC) recorded a slight decline in crude oil production for November, falling to 28.40 million barrels per day (bpd), according to survey.
The figure represents a drop of 30,000 bpd from October, driven largely by unplanned outages in Nigeria
Nigeria’s output was disrupted following a fire on the Yoho production platform, which forced a temporary shutdown and reduced export volumes. Iraq also saw lower shipments during the month, with pipeline maintenance limiting its export capacity.
The decline comes despite an OPEC decision to raise production for November.
However, compensation cuts required from Iraq and the UAE, aimed at offsetting previous overproduction, reduced the overall boost. The survey found that the group ultimately delivered an increase of just 40,000 bpd.
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OPEC has been moderating its monthly production increases amid fears of an oversupplied market and the reality that many members are nearing their production limits.
These constraints, combined with the mandated compensation cuts, have limited the group’s ability to fully meet its targets.
The survey also highlighted discrepancies in production estimates. While figures from OPEC’s secondary sources indicate that Iraq and the UAE are producing near their assigned quotas, other bodies, including the International Energy Agency, estimate significantly higher output levels.
The survey draws on data from LSEG, global shipping trackers such as Kpler, and industry sources across OPEC and major oil companies.
