Opec production growth picked up in November, rising by 270,000 b/d to hit 27.86mn b/d, as the group continues to ease its production cuts each month. Since the start of the year, Opec production has grown by 2.54mn b/d.
The charge last month was led by Iraq which boosted output by 110,000 b/d. This pushed Iraq’s production 50,000 b/d above its allocated output ceiling of 4.19mn b/d, highlighting its unwillingness to ‘compensate’ for previous overproduction. (CONTINUED - 1039 WORDS)
