OPEC oil output drops to 6 month low in November

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Crude production from the Organization of Petroleum Exporting Countries dropped again in November to a six-month low, Bloomberg reports.

Total production fell 80,000 barrels a day to 32.47 million a day last month, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That was the lowest level since May, when output was 32.29 million.

Angola led the declines in November, with a drop of 100,000 barrels a day from October. OPEC and some non-members including Russia decided on Nov. 30 to extend their deal to curb production until the end of next year, seeking to complete the market rebalancing by bringing down global oil inventories to the five-year average.

The 12 OPEC members who agreed to curb their supply implemented 118 percent of their pledged cuts in November, compared with 110 percent the month before, the survey showed. Nigeria and Libya are exempt from making cuts, although they will be included in the efforts to rein in production from January following last week’s OPEC agreement.