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Opec-Plus: Year-End Cut Reduces Shortfall Discrepancy

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Geopolitics: Opec's Fraying Cohesion

  • Opec-plus’ output among the 19 members with a voluntary quota declined 300,000 b/d in November to 38.13 million b/d.

  • Significant production gains by Angola and Kazakhstan prevented an even larger monthly decrease.

  • Alliance output was 2 million b/d short of target for the month, a notable improvement on the 3 million+ b/d shortfall seen in the past half-year.

November crude production by the 19 Opec-plus members with a quota was just 300,000 barrels per day lower than October — not the 2 million b/d controversial cut that took effect in November and will continue this month and into 2023. And the decline was also not the market interpretation of a 1 million b/d cut in physical barrels and a 1 million b/d in an “accounting” correction.

Topics:
Crude Oil, Oil Supply, Opec-Plus Supply
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