OPEC pumped 31m oil barrels per day in November

OPEC countries produced 31.17 million barrels of oil per day (b/d) in November. That’s an increase of 90,000 b/d from October, new figures from Platts revealed. The rise was driven […]

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By Jacqueline Echevarria

OPEC countries produced 31.17 million barrels of oil per day (b/d) in November.

That’s an increase of 90,000 b/d from October, new figures from Platts revealed.

The rise was driven by higher volumes of production from Iraq, which accounted for 100,000 b/d increase and record exports of more than 3.3 million b/d from the south, it added.

Saudi Arabia is still producing above 10 million b/d.

“It is the only OPEC country with significant surplus capacity, claiming total production capacity of 12.5 million b/d”, the report stated.

Margaret McQuaile, Senior Correspondent for Platts said: “OPEC’s failure to agree a ceiling at its recent meeting doesn’t necessarily mean a big increase in output is on the cards. The previous ceiling had no individual country quotas and therefore could not be enforced. So in practical terms, policy remains unchanged.”

Earlier this week, the IEA said the growth of global oil demand will be slower in 2016.

In the UK, supermarkets cut petrol prices below £1 as oil prices are trading under $40 (£28.8) per barrel.