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OPEC+ produces below target in November as compliance rises

OPEC+ produces below target in November as compliance rises
OPEC+ produces below target in November as compliance rises   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">LONDON</span> – <span class="caps">OPEC</span>+ compliance with oil production cuts rose to 117% in November from 116% a month earlier, two sources from the group told Reuters, indicating production levels remain well below agreed targets.</p> <p>Compliance from the 10 <span class="caps">OPEC</span> countries participating in the production cuts reached 122%, with participating non-<span class="caps">OPEC</span> countries achieving 107%, data seen by Reuters showed.</p> <p>The International Energy Agency (<span class="caps">IEA</span>) said in its December oil market report that <span class="caps">OPEC</span>+ missed its production targets by 650,000 barrels per day (bpd) last month, compared with 730,000 bpd in October. [IEA/M]</p> <p>The <span class="caps">OPEC</span>+ data shows West African producers Nigeria and Angola continued to struggle to pump at target with Angola’s compliance hitting its highest this year at nearly 300%. Nigerian compliance fell by 10 percentage points month on month to 239%, as the country raised production slightly. </p> <p>The two countries have failed to produce at targets in recent years due to underinvestment, persistent maintenance issues and an exodus of international energy companies.</p> <p>Production of Russian oil and gas condensate, the latter being excluded from the deal, has been broadly stable in December versus November. </p> <p>Russian Deputy Prime Minister Alexander Novak has said the country’s oil production will reach pre-pandemic levels by May 2022.</p> <p/> </div>