OPEC cuts oil production 133,000 bbl per day in November

Baku. 13 December. REPORT.AZ/ Oil production in OPEC countries decreased by 133,000 barrels or 0.4% and amounted to 32.45 mln bbl/day in November.

Report informs citing the Bloomberg, the OPEC report says.

It reads that in November, the global oil supply increased by 840,000 bbl/day or 0.87% and reached 97.44 mln bbl/day.

In November, oil production in non-OPEC countries increased by 810,000 bbl/day or 1.42% and amounted to 57.82 mln bbl/day.

Decline in oil production by OPEC reduced its share in global market by 33.3%. The largest production among OPEC countries recorded in Nigeria (95.8 thsd barrels/day). Decline in production by 108.7 thsd barrels/day recorded in Angola, while it reduced 45,000 barrels/day in Saudi Arabia.

According to OPEC forecasts, global oil demand in 2018 will increase by 1.51 mln bbl/day and make 98.45 mln bbl/day.