OPEC November oil output slips before Aramco IPO, policy meeting
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Sunday
February 05, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SUNDAY, FEBRUARY 05, 2023
OPEC November oil output slips before Aramco IPO, policy meeting

Global Economy

Reuters
30 November, 2019, 09:10 am
Last modified: 30 November, 2019, 09:33 am

Related News

  • India's Russian oil binge drags down OPEC's share to lowest in 2022
  • Storm cuts US oil, gas, power output, sending prices higher
  • OPEC sticks to 2022, 2023 oil demand growth forecasts after downgrades
  • US climate envoy Kerry hails holding COP28 conference in OPEC member UAE
  • Energy hungry Europe can't look to US shale to fill any OPEC gap

OPEC November oil output slips before Aramco IPO, policy meeting

OPEC’s share of the cut is about 800,000 bpd to be delivered by 11 members with exemptions for Iran, Libya and Venezuela

Reuters
30 November, 2019, 09:10 am
Last modified: 30 November, 2019, 09:33 am
The logo of the Organisation of the Petroleum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria July 1, 2019/ Reuters
The logo of the Organisation of the Petroleum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria July 1, 2019/ Reuters

OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering (IPO) of state-owned Saudi Aramco, a Reuters survey found.

On average, the 14-member Organization of the Petroleum Exporting Countries has pumped 29.57 million barrels per day (bpd) this month, according to the survey. That is down 110,000 bpd from October's revised figure.

The survey suggests Saudi Arabia, after resuming normal supply after attacks on facilities in September, is still pumping far less than an OPEC-led supply deal allows. OPEC meets to review the pact on Dec. 5, the same day Aramco is due to announce the final offer price.

OPEC, Russia and other allies, known as OPEC+, agreed to reduce supply by 1.2 million bpd from January 1. OPEC's share of the cut is about 800,000 bpd, to be delivered by 11 members, with exemptions for Iran, Libya and Venezuela.

The producers are expected to extend their supply pact at meetings on December 5-6. OPEC delegates have said the producers could discuss deeper supply cuts amid forecasts of excess supply in 2020.

"The minimum is to extend," said an OPEC delegate.

Oil LCOc1 has slipped to $63 a barrel after spiking to $72 following the September 14 attacks on Saudi oil plants. The current price is below the levels many OPEC countries need to balance their budgets and below the levels officials say they favor.

The 11 OPEC members bound by the agreement, which for now runs until March 2020, have easily exceeded the pledged cuts. Compliance has risen to 152% in November, the survey found, from 135% in October, although Iraq and Nigeria remain laggards among larger producers.

GRAPHIC: OPEC oil supply cuts

Angolan Drop

OPEC's largest production drop of 140,000 bpd was in Angola, which exported less crude in November due to maintenance affecting the Girassol crude stream, traders said.

The African producer was already pumping far below its OPEC quota due to a natural decline in production and a lack of new fields coming online, rather than due to voluntary restraint.

Saudi Arabia has pumped 9.85 million bpd, down 50,000 bpd from October, the survey found.

Riyadh's output had jumped by 850,000 bpd in October after the September attacks, but remained below Saudi Arabia's OPEC quota. In November, the country has been pumping more than 400,000 bpd less than the agreement allows, the survey found.

OPEC's second-largest producer Iraq has pumped slightly less, but continues to overshoot its target.

Nigeria, which has consistently pumped more than its OPEC target, continued to do so in November, the survey found, although output has edged lower this month.

Among countries pumping more, the largest increase was in Kuwait, which increased output by 70,000 bpd to 2.72 million bpd, reaching its exact quota level.

Ecuador also pumped more after a decline in October, when protests against government austerity measures led to several fields being shut down.

Venezuela, which is contending with U.S. sanctions imposed on state oil firm PDVSA and a long-term decline in output, managed a small boost to supply with exports increasing in November.

Production from the two other exempt producers, Libya and Iran, was little changed.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data and information provided by sources at oil companies, OPEC and consultants.

World+Biz / Top News

OPEC / Aramco / Oil output

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • ICB to withdraw Padma Bank investment as return eludes
    ICB to withdraw Padma Bank investment as return eludes
  • Some tough tasks on the plate for Bangladesh Bank!
    Some tough tasks on the plate for Bangladesh Bank!
  • Photo: Courtesy
    From 'Made in Bangladesh' to 'Designed in Bangladesh'

MOST VIEWED

  •  Gautam Adani, center.Photographer: Tomohiro Ohsumi/Bloomberg
    Billionaires from Hong Kong to Arkansas exposed to Adani crash
  • FILE PHOTO: The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, India March 1, 2017. REUTERS/Shailesh Andrade/Files
    On Adani row, SEBI says it's committed to ensuring market integrity
  • A broker monitors share prices while trading at a brokerage firm in Mumbai January 15, 2019/ Reuters
    Indian watchdog tells investors markets stable despite Adani rout
  • Demonstrators wait in line after entering the Presidential Secretariat premises, after President Gotabaya Rajapaksa fled, amid the country's economic crisis, in Colombo, Sri Lanka July 10, 2022. File Photo: REUTERS/Dinuka Liyanawatte
    Sri Lanka marks independence anniversary amid economic woes
  • Gautam Adani. Photo: Bloomberg
    Bloomberg Billionaires Index: Adani slips from top 20 as rout deepens
  • Photo: Michael Nagle/Bloomberg
    Google, Apple, Amazon give investors reason to fret

Related News

  • India's Russian oil binge drags down OPEC's share to lowest in 2022
  • Storm cuts US oil, gas, power output, sending prices higher
  • OPEC sticks to 2022, 2023 oil demand growth forecasts after downgrades
  • US climate envoy Kerry hails holding COP28 conference in OPEC member UAE
  • Energy hungry Europe can't look to US shale to fill any OPEC gap

Features

Aarong never ceases to surprise with their vibrant ensemble perfect for Fagun looks. Photo: Courtesy

Say it with Colour

27m | Mode
Photo: Courtesy

From 'Made in Bangladesh' to 'Designed in Bangladesh'

2h | Panorama
The megaproject Rooppur Nuclear Power Plant has a debt of Tk90,474 crore. Photo: Courtesy

Projects funded with debt need to be selected prudently, and implemented timely

27m | Panorama
Sketch: TBS

Say 'Salud' before your salad main course

1d | Food

More Videos from TBS

Prioritise medical equipment, raw material imports over luxury items

Prioritise medical equipment, raw material imports over luxury items

17h | TBS Round Table
Adani row rocks India’s parliament

Adani row rocks India’s parliament

16h | TBS World
Concord launches new plant to produce environment friendly bricks

Concord launches new plant to produce environment friendly bricks

22h | TBS Stories
How Asif Khan would invest his fresh funds right now

How Asif Khan would invest his fresh funds right now

23h | TBS Markets

Most Read

1
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

2
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

3
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

4
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

5
Belal Ahmed new acting chairman of SIBL
Banking

Belal Ahmed new acting chairman of SIBL

6
Photo: Collected
Startups

ShopUp secures $30m debt financing to boost expansion, supply chain

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]