urgent .. "OPEC+" It exceeds the oil production plan for November by 23 thousand barrels per day
The eight OPEC+ countries, which are voluntarily reducing oil production, increased their production by 126,000 barrels per day instead of the planned 137,000 barrels per day. However, last November, they produced 23,000 barrels per day more than the agreed target when taking voluntary compensation adjustments into account, according to a report issued by OPEC.
The Russian TASS agency reported that last November, the eight OPEC+ countries were supposed to increase oil production by 101 thousand barrels per day compared to October, taking into account its obligations to compensate for excess production, reaching 32.933 million barrels per day.
In fact, production increased by 126 thousand barrels per day to reach 32.956 million barrels per day. Consequently, production exceeded the plan by 23 thousand barrels per day.
In November, Kazakhstan produced 265 thousand barrels per day above its quota including compensation; Oman came close to achieving its goal, exceeding it by only a thousand barrels per day.
The UAE produced 11 thousand barrels per day less than its plan in OPEC+, Russia – 165 thousand barrels per day, Iraq – 53 thousand barrels per day, and Algeria – two thousand barrels per day. The Kingdom of Saudi Arabia – 8 thousand barrels per day, and Kuwait – 4 thousand barrels per day.
Since early 2024, the eight OPEC+ member countries (Russia, Algeria, Iraq, Kazakhstan, Kuwait, UAE, Oman, and Saudi Arabia) have been voluntarily reducing oil production by a total of 2.2 million barrels. Daily.
Beginning in April 2025, these countries began gradually returning the reduced barrels to the market, and by September, the OPEC+ group had completely exited the voluntary cuts of 2.2 million barrels per day – a year earlier than the original plan.
In October, OPEC+ countries began to gradually roll back the production cut of 1.65 million barrels per day, It agreed to increase production by 137 thousand barrels per day. For November and December, it agreed to the same increase.
At its last meeting, the eight OPEC+ countries decided to maintain the suspension of any additional increases in production in the first quarter of 2026, while keeping quotas at December 2025 levels.
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