In November 2015, the world’s oil production increased by 0,13 million barrels a day on average – from 31,64 million barrels in October to 31,77 million barrels last month, Market Leader reports.
In particular, we know that Iraq was the leader in terms of the oil production increase seen over the reporting period. In particular, it is reported that Iraq increased the shipment of crude oil at least to 3.06 million barrels a day. With that said, we have all reasons to assume that July’s high was broken.
Meanwhile, Saudi Arabia, OPEC’s leading oil exporter, is said to have produced some 10,25 million barrels a day over the reporting month. This means that Saudi Arabia slightly underperformed relative to June’s high of 10,56 million barrels a day but the latest figure are close to reaching the record and breaking it.
At the same time, Angola, Nigeria and Libya saw their oil production drop a bit while Iran saw no major changes in its daily oil production figures last month. It should be noted that before the West imposed sanctions on Iran, it used to be OPEC’s second-biggest oil exporter. While the sanctions are partially canceled, Iran is looking forward to regain the lost ground when the sanctions come off completely.
Another interesting fact to keep in mind is that OPEC increased its daily oil production by 1.5 million even despite declining oil prices. July was the record month with 31.88 million barrels a day on average. At the same time, OPEC is rumored to keep on ousting the rivals by raising the production even higher. For example, as of September, the USA saw another monthly production cut, the 3rd one in a row.
For now, everyone is looking forward to the forthcoming OPEC summit, which is scheduled for December 4th and is going to take place in Austria’s capital. At this point most experts believe that OPEC is not going to cut its production even though Saudi Arabia looks loyal and determined to cooperate with both OPEC and non-OPEC oil exporters in order to back higher or at lest stable oil prices in the future.
