OPEC says oil output falls by 57,000 bpd on month in November

MOSCOW, Dec 13 (PRIME) -- The OPEC countries decreased their oil production by 57,000 barrels per day on the month to 27.84 million barrels per day in November, the OPEC said in a monthly report on Wednesday.

At the same time, other countries of the OPEC+ alliance produced 2.666 million barrels per day less than allowed by the agreement.

OPEC kept its outlook for the combined oil production outside the alliance in 2023 -- it expects it to grow by 1.8 million barrels per day on the year to 67.6 million barrels per day this year.

The alliance also maintained its forecast for Russia’s liquid hydrocarbons production – it expects the output to fall by 400,000 barrels per day to 10.6 million barrels per day in 2023 and to remain at the same level in 2024. According to OPEC, Russia’s oil production remained flat on the month at 9.5 million barrels per day in October.

OPEC still expects global oil demand to grow by 2.46 million barrels per day to 102.11 million barrels per day in 2023. Improvements of the economic situation in China should also drive global oil demand in 2024, and it should gain 2.2 million barrels per day to 104.3 million barrels per day.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) fell by 12.8 million barrels on the month in October, and were below the average reserve level for the past five years by 66 million barrels.

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