OPEC oil production climbs in November, but Iran’s output declines: report

Australian dollars in Sydney, Friday, Jan. 15, 2016. (AAP Image/Joel Carrett) NO ARCHIVING

Oil production from the Organization of the Petroleum Exporting Countries rose by 40,000 barrels a day to 33.08 million barrels in November from a month earlier, according to an S&P Global Platts report released Wednesday. U.S. sanctions caused Iran’s output to fall below 3 million barrels a day. However, Saudi Arabia increased its production by 350,000 barrels a day and output from the United Arab Emirates climbed by 130,000 barrels a day, keeping OPEC’s collective output from falling, the report said. Still, compliance among the 12 OPEC members with quotas under the output-cut agreement that began in January 2017 fell to 109% last month from 118% a month earlier. January West Texas Intermediate crudeCLF9, +1.07% was up 12 cents at $53.37 a barrel on the New York Mercantile Exchange. The U.S. stock market was closed in observance of a national day of mourning following the passing of former President George H.W. Bush.

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