…As OPEC misses production quota by 310,000bpd
A survey has named Nigeria and Russia among the biggest oil production laggards in the broader OPEC+ group now. According to the Argus survey released last weekend, Russia produces 670,000 bpd under target [for obvious reasons]; while Nigeria produces 530,000 bpd under target.
Others are Angola, producing 350,000 bpd under target, and Malaysia, producing 170,000 under target.
The report named members of the group that met or exceeded their production target, including Oman, Kazakhstan, Bahrain, Iraq, Kuwait, UAE, Algeria, and Gabon.
The survey also shows that OPEC+ production fell to 38.29 million bpd last month, representing about 1.81 million barrels per day short of its reduced quota.
According the Argus survey, 19 OPEC+ members subject to the quota produced 310,000 bpd fewer barrels in November when compared to the month prior. But that’s still 1.81 million barrels per day short of its quota for November.
Also Read: Oil Prices Rebound As Investors Still Weigh Against Potential OPEC+ Supply Cut
It said that non-OPEC members of the OPEC+ group faired better than the traditional OPEC members, raising the combined output by 460,000 bpd, an eight-month high.
November’s quota was a reduction of 2 million barrels per day off October levels, although OPEC had warned at the time that the group might not be able to reach even that reduced target.
Most of those increases came from Kazakhstan, which saw a 330,000 bpd production increase, and Russia’s production that saw an increase of 190,000 bpd after restarting Sakhalin 1.
OPEC’s crude production was down 770,000 bpd for November, a six-month low. The production declines were led by Saudi Arabia, which saw its output reduced by 440,000 bpd.
Overall, non-OPEC members under produced by 92,000 bpd, while OPEC members part of the quotas under produced by 90,000 bpd, the survey stated.
Also Read: OPEC Oil Output: Again Angola, Algeria, Libya Continue To Shove Nigeria
Crude oil prices have fallen substantially this week, prompting some to forecast that the OPEC+ group could cut oil production to prop up crude prices.
Brent crude was set to finish out the week more than $10 under this time last week, well below what most analysts suspect is OPEC’s price defense trigger.
By Bosco Anayo
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