Opec output fell 140,000 b/d to 29.59mn b/d last month despite perennial quota-busters Iraq and Nigeria continuing to flout their commitments. For 2019 Opec output is on track to fall below 30mn b/d for the first time since 2011.
After having promised Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud in September that they would comply by October (MEES, 13 September), observers could have been forgiven for expecting Iraq and Nigeria to make a big effort at least for the last month ahead of this week’s 5 December Opec meeting in Vienna. But that was not to be, and indeed Iraq upped output by 30,000 b/d to 4.65mn b/d in November. (CONTINUED - 882 WORDS)