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The S&P Global Commodity Insights survey found that OPEC+ crude production fell 110,000 b/d in November to 42.6 million b/d. This is because exports from several essential producers fell as Saudi, the largest OPEC producer, kept their November production flat on the month at 9 million b/d and is to continue until the first quarter of 2024. Iraq, Iran, and Venezuela’s overproduction will offset the cuts, yet the majority of OPEC’s members are underproducing to offset low seasonal crude demand and stabilize a volatile oil market. 

OPEC+ alliance tightens crude output by 110000 b/d in Nov, led by Iraq drop

The S&P Global Commodity Insights survey found that OPEC+ crude production fell 110,000 b/d in November to 42.6 million b/d. This is because exports from several essential producers fell as Saudi, the largest OPEC producer, kept their November production flat on the month at 9 million b/d and is to continue until the first quarter of 2024. Iraq, Iran, and Venezuela’s overproduction will offset the cuts, yet the majority of OPEC’s members are underproducing to offset low seasonal crude demand and stabilize a volatile oil market. 

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