OPEC can revise agreement

Baku. 6 December. REPORT.AZ/ OPEC can revise its decision to reduce daily output for 1,2 mln. barrels made in Vienna on November 30.

Report informs referring to Reuters, OPEC oil production report for November will be released in coming days.

According to Reuters’ survey among oil market experts, OPEC oil output in November hit record 34.19 mln. barrels, caused by export growth by Angola, Nigeria, Libya and Iraq.

The agency says if the forecast is confirmed, OPEC will have to cut 1.69 mln. barrels per day to pull down production to envisaged 32.5 mln. barrels. Otherwise 500,000 barrels of extra supply will appear in the market.

OPEC will talk over the issue in next meeting to be held after 6 months. Experts say OPEC’s production may raise even higher until that meeting.