Crude oil output by the Organization of the Petroleum Exporting Countries fell 110,000 barrels per day (bpd) in November to 29.57 million bpd, a Reuters survey showed on Friday.
“OPEC’s biggest output drop in November was in Angola where production fell 140,000 bpd due to field maintenance,” Reuters added.
Although lower oil output is usually supportive, the fact that this development could cause producers to refrain from extending output cuts in next week’s meeting seems to be weighing on crude oil pÄŸrices. As of writing, the WTI was trading at $57.30, losing 1.6% on a daily basis.
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