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Opec production edged upwards in November, reaching an average of 31.82mn b/d, up 30,000 b/d from October. While this is more than was averaged in any month in 2014, it barely sneaks into the top four for 2015, underlining the extent to which Opec producers continue to pump as quickly as they can despite low oil prices.
Will November’s production be relegated from the top four before the year is out? Divisions within Opec mean the organization was unable to decide on setting a production ceiling at the Vienna meeting, opting for a continuation of the status quo, and production appears likely to remain at similar levels in December.
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