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OPEC announced, on Tuesday, that Iraq is the country that has reduced its oil production the most, while Libya was the most productive country in the organization in November 2020.
The organization said in its monthly report, “total OPEC-13 crude oil production averaged 25.11 million barrels per day in November 2020, up by 0.71 million barrels per day compared by October 2020.”
“The production surge came from Libya, whose production reached 1.108 million barrels per day, with an increase of 656 thousand barrels from the previous month, in addition to the UAE, with an increase of 75 thousand barrels from the previous month,” the report indicated.
“Iraq is the country to reduce its oil production the most in November; as its average production reached 3.764 million barrels per day, a decrease of 76 thousand barrels per day compared to last October when production reached 3.841 million barrels per day,” the report continued.
On Monday, OPEC cut its forecast for oil demand recovery by 350,000 barrels per day due to the pandemic’s continuing impact but said that the rapid spread of vaccines in major economies “provides a potential rise in growth expectations” in the coming year.
