OPEC oil output reaches 3-year high in Nov
Iraq’s oil production rose 247,500 bpd to 4.3 million bpd in November while Saudi Arabia’s output declined 25,200 bpd to 10.13 million bpd.
At their meeting in Vienna on December 4, the cartel made no move to cut production in order to defend their market share against non-OPEC countries. According to OPEC, oil supply from non-OPEC countries will decline by 380,000 bpd to around 57.14 million bpd in 2016.
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