The OPEC+ group delivered the 400,000-bpd production increase in November, but it was still more than half a million barrels per day short of its overall oil production quota last month, the latest Argus survey showed on Friday. Production at OPEC+ was still 580,000 bpd below the target for November, the survey found.
OPEC members Saudi Arabia, Iraq, and Nigeria raised their production the most last month. The Saudis increased output by 110,000 bpd—as per the quota in the deal. Iraq also saw a large increase, by 90,000 bpd, exceeding…OPEC+ Undershoots Oil Production Target Again
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