Dec 5, 2025
OPEC oil production declines in November despite the planned increase.
OPEC's oil production decreased slightly in November, even with an OPEC+ agreement to boost output for the month. This drop, attributed to outages among some member countries, pushed the group's supply further below its target, according to a Reuters survey.
The Organization of the Petroleum Exporting Countries produced 28.40 million barrels per day last month, a decrease of 30,000 bpd from October. The largest reductions came from Nigeria and Iraq.
OPEC+, which includes OPEC and allies like Russia, has reduced the rate of its monthly production increases due to concerns about oversupply. Many member countries are operating near capacity limits, and some are implementing additional cuts to offset previous overproduction, which restricts the impact of any further increases.
As per an agreement among eight OPEC+ members regarding November's output, five OPEC members—Algeria, Iraq, Kuwait, Saudi Arabia, and the UAE—were to increase production by 85,000 bpd, factoring in compensation cuts of 140,000 bpd for Iraq and the UAE. However, the actual rise in production among these five was only 40,000 bpd.
Iraq reported a decrease in exports due to pipeline maintenance, while Nigeria's shipments were affected by a fire on the Yoho production platform that led to its shutdown.
There is significant disparity in output estimates for Iraq and the UAE, with external sources often reporting higher production levels than those declared by the countries themselves. While Reuters' survey and OPEC's secondary data indicate that production is close to quotas, estimates from the International Energy Agency suggest that the actual output is considerably higher.
The Reuters survey is designed to monitor market supply and relies on flow data from the financial group LSEG, information from companies tracking flows like Kpler, and insights gathered from oil companies, OPEC, and consultants.
The Organization of the Petroleum Exporting Countries produced 28.40 million barrels per day last month, a decrease of 30,000 bpd from October. The largest reductions came from Nigeria and Iraq.
OPEC+, which includes OPEC and allies like Russia, has reduced the rate of its monthly production increases due to concerns about oversupply. Many member countries are operating near capacity limits, and some are implementing additional cuts to offset previous overproduction, which restricts the impact of any further increases.
As per an agreement among eight OPEC+ members regarding November's output, five OPEC members—Algeria, Iraq, Kuwait, Saudi Arabia, and the UAE—were to increase production by 85,000 bpd, factoring in compensation cuts of 140,000 bpd for Iraq and the UAE. However, the actual rise in production among these five was only 40,000 bpd.
Iraq reported a decrease in exports due to pipeline maintenance, while Nigeria's shipments were affected by a fire on the Yoho production platform that led to its shutdown.
There is significant disparity in output estimates for Iraq and the UAE, with external sources often reporting higher production levels than those declared by the countries themselves. While Reuters' survey and OPEC's secondary data indicate that production is close to quotas, estimates from the International Energy Agency suggest that the actual output is considerably higher.
The Reuters survey is designed to monitor market supply and relies on flow data from the financial group LSEG, information from companies tracking flows like Kpler, and insights gathered from oil companies, OPEC, and consultants.