OPEC November oil output rose 220K bpd
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Reuters secondary sources survey
- OPEC had pledged to increase production by 400k bpd
- Total production was 27.74 mbpd
- Compliance with cuts up to 120% from 118%
Saudi Arabia and Iraq boosted output in line with the agreement along with Kuwait, the UAE and Algeria.
Output fell in Libya due to pipeline maintenance while it fell in Angola to a record low, perhaps owing to tanker schedules.