According to the latest Platts survey, OPEC+ crude production declined by 110,000 b/d in November, totaling 42.6 million b/d. The report indicates a drop in output from OPEC's 13 members, primarily attributed to decreased Iraqi production. Meanwhile, non-OPEC allies, led by Russia, also contributed to the overall decline. Saudi Arabia, OPEC's largest producer, maintained its pledge to voluntarily cut 1 million b/d of crude. Challenges in Iraq, coupled with weather-related disruptions, impacted overall OPEC production, but gains were noted in Iran and Venezuela. Compliance with OPEC+ quotas reached 115%, with several African countries facing challenges in meeting targets. The report also highlights Russia's commitment to deepen voluntary production cuts in the first quarter of 2024. Despite these efforts, oil prices continue to experience a selloff, prompting OPEC+ ministers to express readiness for further cuts if necessary.

SOURCE:GOOGLE