A survey on Thursday found that OPEC oil production fell in November despite an OPEC+ deal to increase production in the month due to unavailability in some members. This brought the supply of the group even further below their target.

According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 28,40 million barrels of oil per day in October, a decrease of 30,000 barrels per days from the total for October. Nigeria and Iraq recorded the largest declines.

OPEC+ – a grouping of OPEC, Russia and its allies – has slowed down the rate of monthly production increases due to concerns about an oversupply. Many members are close to their capacity limits, and some have been given extra cuts in order to compensate for an earlier overproduction. This will limit the impact of any further increases.

According to an agreement between eight OPEC+ member countries covering November output, five of the OPEC-members – Algerian, Iraqi, Kuwaitian, Saudi Arabian and UAE – had to increase output by 85,000 bpd, before the effects of compensation cuts totaling 140,000 bpd.

The survey indicates that the actual increase of the five is 40,000 bpd.

Iraq’s exports were lower, according to the data and sources in this survey, because of pipeline maintenance. A fire at the Yoho platform in Nigeria and the subsequent shutdown of that platform led to a drop in shipments.

Many outside sources estimate the output of Iraq and the UAE higher than those countries themselves.

Other estimates, like those from the International Energy Agency (IEA), say that they pump significantly more than the quotas.

The survey aims at tracking supply on the market. It is based upon flow data provided by financial group LSEG and other companies who track flows such as Kpler. Information was also provided by sources from oil companies, OPEC, and consultants. Ahmad Ghaddar contributed additional reporting. Mark Potter edited the article.

Source: Reuters