OPEC Says It Pumped Less Oil In November
Faizan Hashmi Published December 11, 2019 | 06:46 PM
OPEC members curbed production in November, led by kingpin Saudi Arabia, it said Wednesday, before agreeing to deeper cuts last week
OPEC and partner countries such as Russia want to maintain crude oil prices at a minimum level despite a decline in global trade and abundant reserves.
Total output of crude by the cartel declined by 193,000 barrels per day (bpd) from October to a total of 29.55 million barrels per day (mpd) according to secondary sources cited by OPEC in its monthly oil report.
Saudi Arabia accounted for most of the decline with an output cut of 151,000 bpd last month.
On Friday, OPEC and its allied agreed to cut production by 500,000 bpd to stem prices.
Saudi Arabia agreed to reduce production by an additional 400,000 bpd on a "voluntary and supplemental" basis.
The kingdom nevertheless pumped 9.85 mpd in November, exceeding the level of 8.80 mpd in September, when its oil installations were hit by attacks.
OPEC has struggled to maintain oil prices at a level it deems satisfactory. On Wednesday, a barrel of North Sea Brent crude oil exchanged hands for just under $64.
The US shale oil boom has provided markets with lots of crude, but the OPEC report said that US activity would weaken next year.
Output by non-OPEC countries is estimated to grow by just 2.17 mbd in 2020, a bit less than initially forecast.
Recent Stories
Housing Ministry prioritizes transparency in providing accommodation to federal ..
NGO donates wheelchairs to enhance accessibility & mobility for patients
Punjab Chief Minister Maryam Nawaz Sharif launches expanded health service progr ..
Minister highlights major health projects launched by CM Maryam
Mongolian envoy for boosting bilateral economic ties
GKMC achieves hundred percent results in MBBS examination
Secretary Human Rights Dept calls for setting up district level offices
Vaccination play effective role to prevent the spread of typhoid: Rashid Khan
Drive lunched to educate on proper household waste disposal
PFA destroys 300kg of dead chicken
Sindh Govt committed to clean the environment of Karachi: Mayor Karachi
Langov annoyed over law and order in Balochsitan
More Stories From Business
-
Mongolian envoy for boosting bilateral economic ties
26 minutes ago -
SBP provides practicable foundation for elimination of Riba: chief manager
2 hours ago -
Rupee gains 08 paisa against US dollar
2 hours ago -
Pakistan, Korea sign Aide-Mémoire for Enhanced Development Cooperation 2024-2026
2 hours ago -
European stock markets hit record highs on rate cut hopes
2 hours ago -
Steps being taken for uplift of industries, socioeconomic conditions: SACM
2 hours ago
-
Meezan Bank, Roche Pakistan join forces to combat breast cancer
3 hours ago -
Salim calls for utilizing Turkish expertise in PIA's privatization
4 hours ago -
PSX stays bullish, gains 427 more points
4 hours ago -
Pakistan committed to promote green investment: Aurangzeb
4 hours ago -
Short-term inflation eases by 1.39 percent
5 hours ago -
Gold rates increase by Rs.4,600 to Rs 243,800 per tola
6 hours ago