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Qatar, others shrug off OPEC deal, raise November output

Qatar, others shrug off OPEC deal, raise November output

Mubasher: Qatar bolstered oil production in November by 2,600 barrels per day (bpd), violating the decision taken by the Organization of Petroleum Exporting Countries (OPEC) to trim output.

Qatar’s total output for November was 604,000 bpd, up from 601,000 bpd in October, OPEC’s monthly bulletin showed Wednesday.

Qatar was not the only violator of the OPEC agreement as four other members raised production last month, led by Nigeria, whose daily output increased by 95,800 bpd, followed by Algeria and Libya whose production rose by 14,100 bpd and 6,100 bpd, respectively.

Iraq tailed the list with a 1,000 bpd hike in its production in November.

On the other hand, nine OPEC members trimmed output resulting in total cuts of 133,500 bpd last month.

Total OPEC production was 32.45 million bpd, the organisation’s lowest output since June, according to the bulletin.

Angola registered the largest output reduction of 108,700 bpd, followed by Saudi Arabia, the largest oil exporter in the group, with 45,400 bpd.

Venezuela cut daily production by 41,600 barrels, while the UAE trimmed its production by 35,500 bpd.

 

OPEC members and non-members had agreed to trim production by 1.8 million bpd till the end of 2018 in an effort to bolster oil prices, which had suffered a sharp plunge in June 2014.