OPEC Gets Through The Year But Oversupply Threat Looms


Crude oil production by the 12 OPEC members, including Iraq, in November fell below the collective 30mn b/d target in place since January 2012. A MEES survey of OPEC’s production showed output of 29.751mn b/d, down by 490,000 b/d from October and the lowest figure since June 2011.

Saudi Arabia cut output by 200,000 b/d whilst Libyan outages deepened (see p2) and Nigerian output also fell. There were also...