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Crude oil output of the Organization of the Petroleum Exporting Countries (OPEC) in November increased by 750,000 barrels per day (bpd) to 25.31 million, a Reuters survey showed on Monday.

OPEC states bound by OPEC+ cuts comply with 102% of pledged reductions in November, Reuters further reported and noted that Saudi Arabia kept its oil supply steady in 9 million bpd.

Market reaction

Crude oil prices remain under pressure at the start of the week. As of writing, the barrel of West Texas Intermediate was trading near $45, losing 1.05% on a daily basis.