© Reuters. FILE PHOTO: OPEC’s logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/File Photo
By Alex Lawler
LONDON (Reuters) – OPEC oil output fell in November in the first monthly drop since July, a Reuters survey found, as a result of lower shipments by Nigeria and Iraq as well as ongoing market-supporting cuts by Saudi Arabia and other members of the wider OPEC+ alliance.
The Organization of the Petroleum Exporting Countries pumped 27.81 million barrels per day (bpd) last month, down by 90,000 bpd from October, the survey on Wednesday found. Production had risen in the three months to October.
Oil output from OPEC, which has been restraining supply with Russia and other allies since late 2022 to support prices, is set to drop further from next year after OPEC+ agreed to a new round of supply cuts for the first quarter of 2024.
The decline comes despite a further increase in supply from Iran, one of the OPEC members exempt from making cuts. Iran’s output hit another five-year high, the survey found, offsetting some of the cutbacks elsewhere.
Output from the 10 OPEC members that are subject to OPEC+ supply cut agreements fell by 130,000 bpd,…
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