OPEC says oil output falls by 744,000 bpd in November

MOSCOW, Dec 13 (PRIME) -- The OPEC countries decreased their oil production by 744,000 barrels per day on the month to 28.83 million barrels per day in November producing less oil than the OPEC+ deal allowed, the OPEC said in a monthly report on Tuesday.

OPEC has barely changed its 2022 outlook for combined oil production outside the alliance continuing to expect an increase of 1.9 million barrels per day on the year in 2022, 1.5 million barrels per day in 2023.

The alliance raised its forecast for the growth of liquid hydrocarbons production in Russia in 2022 by 26,000 barrels to 160,000 barrels per day.

OPEC maintained its global oil demand growth forecast for the current year at 2.5 million barrels per day and for 2023 at 2.2 million barrels per day.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) went up by 22.5 million barrels on the month in October, and were below the average annual reserve level for 2015–2019 by 197 million barrels.

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