OPEC oil production falls as Nigeria, Iraq outages bite

OPEC’s crude oil production fell to 28.40 million barrels per day in November, down 30,000 bpd from October, according to a Reuters survey.

The largest declines came from Nigeria and Iraq, with a fire at Nigeria’s Yoho production platform forcing a temporary shutdown.

The drop came despite an OPEC+ agreement to raise output for the month.

Supply disruptions and capacity constraints across several member states kept production below the group’s targets.

OPEC+, which includes OPEC members and allies such as Russia, has slowed monthly output increases amid concerns of a supply glut.

Some members are near full production capacity, while others are implementing extra cuts to offset previous overproduction, limiting the impact of planned increases.

Under the November agreement, five OPEC members — Algeria, Iraq, Kuwait, Saudi Arabia, and the UAE — were to raise output by 85,000 bpd.

However, compensation cuts totaling 140,000 bpd for Iraq and the UAE offset these gains, contributing to the overall decline.