OPEC exports, not counting Iran, climbed in November by 300,000 bpd. As with production, the main force behind the increase was Saudi Arabia (increasing exports by 320,000 bpd), Iraq (190,000 bpd) and Nigeria (60,000 bpd). Exports also rose in Angola (by 330,000 bpd), Congo (by 120,000 bpd) and Gabon (110,000 bpd)
A key factor in figures for the cumulative increase was a reduction of exports by Algeria (of 330,000 bpd) Congo (by 120,000 bpd), Libya (by 220,000 bpd), the United Arab Emirates (by 190,000 bpd).
Ten of the cartel’s 13 countries taking part in the OPEC+ agreement exceeded their obligations to reduce production by an average of 120 %. Countries that fell short of their obligations included Iraq (94 %) and Gabon (94 %). This did not affect the overall statistics as account of countries observing levels below those set in the agreement – Congo (172 %), Nigeria (182 %) and Angola (317 %). The champion of unfulfilled quotas was Equatorial Guinea (362 %) – with relatively small production of 0.08 million bpd.
Global Energy notes that exceeding quotas is to a great extent linked to the easing of OPEC+ quotas. From August, production levels for participants have been increased every month by 400,000 bpd.
OPEC member-states – without taking account of allied countries as well as Iran, Libya and Venezuela, which do not participate in the deal – produced 1.01 million bpd more than in July. Russia also increased its oil production supply – in July, production of oil and gas condensate in Russia totalled 10.46 million bpd, while in November the figure stood at 10.89 million bpd, according to data from the Central Distribution Authority of the Fuel and Energy Complex.
The next decision on production limits is to be taken on 4th January, when ministers will hold the 24th meeting of OPEC+. Efforts to close the gap between supply and demand on markets could well affect the meeting’s final communique. In the first quarter of 2021, world-wide oil demand for oil and liquid hydrocarbons exceeded supply by 1.88 million bpd, while in the fourth quarter, that discrepancy totalled only 0.7 million bpd, according to the November forecast of the Energy’s Energy Information Administration (EIA) of the U.S. Department of Energy.