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Fundamentals

Opec-Plus: Massive Production Cut Does Not Come to Fruition

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Countries taking part in the Opec-plus production agreement lowered output by 320,000 barrels per day in November to 38.1 million b/d, a far cry from the 2 million b/d reduction announced in early October. Granted, only half of the targeted cut was expected to come from physical barrels, while the other half amounted to adjustments in targets for countries unable to meet their quotas. Still, the November decline was only one-third of the approximate 1 million b/d that many had anticipated would be removed from global markets.

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