OPEC oil output fell in November in the first monthly drop since July, a Reuter’s survey found, as a result of lower shipments by Nigeria and Iraq as well as ongoing market-supporting cuts by Saudi Arabia and other members of the wider OPEC+ alliance.
The Organization of the Petroleum Exporting Countries pumped 27.81 million barrels per day (bpd) last month, down by 90,000 bpd from October, the survey on Wednesday found. Production had risen in the three months to October.
The decline comes despite a further increase in supply from Iran, one of the OPEC members exempt from making cuts. Iran’s output hit another five-year high, the survey found, offsetting some of the cutbacks elsewhere.
Saudi Arabia kept November output close to 9 million bpd, the survey found, as the top exporter extended a voluntary 1 million bpd output cut to provide extra support for the market.
Among those showing higher output, the biggest rise was in Iran where production hit 3.2 million bpd in November, the highest since 2018 when Washington re-imposed sanctions on Tehran, Reuter’s surveys and separate figures from OPEC show.
Iran’s exports have been rising in 2023 despite U.S. sanctions. Analysts have said the higher exports appear to be the result of Iran’s success in evading U.S. sanctions and Washington’s discretion in enforcing them.
OPEC‘s output is still undershooting the targeted amount by almost 700,000 bpd. A revision of output targets for 2024 should bring actual output closer to the target level.