The OPEC+ oil producer alliance decreased their output by 700,000 barrels per day in November; this was a move conducted by 14 out of the 22 countries in the coalition and was the steepest decrease since April of this year. Additionally, the Saudi Energy Minister argued that the major oil producers were dedicated to maintaining the current quotas. Whilst countries like Iraq and the UAE cut their oil output, there was an increase in oil production in places like Kazakhstan, Nigeria and Russia. The goal for 2023 is therefore to make sure that the OPEC+ Alliance keeps the quotas steady.
- Gulf Producers Lead On OPEC+ Cuts, Saudi Crude Output At 6-month Low: Platts Survey