OPEC crude production dropped to a two-year low in November, led by declines in Saudi Arabian and Nigerian output, a Bloomberg survey showed.
Output by the 12-member Organization of Petroleum Exporting Countries decreased 245,000 barrels to an average 30.007 million barrels a day this month from 30.252 million in October, the survey of oil companies, producers and analysts showed. The October total was revised lower by 369,000 barrels a day because of changes to the Saudi and Libyan estimates.
Saudi Arabian crude output declined 150,000 barrels a day to 9.65 million. The desert kingdom pumped 10 million barrels a day in September, the most in monthly data going back to 1989. The October estimate was reduced by 200,000 barrels a day.
Nigeria’s production dropped 100,000 barrels a day to 1.89 million in November, the lowest level since May. Production is often disrupted by unrest in the Niger River delta, the country’s main oil-producing region.
Libyan output slipped 40,000 barrels a day to 210,000 in November, the lowest level since September 2011. Two years after the war that swept the late Muammar Qaddafi from power, Libyan government efforts to revive the oil industry are being stymied by feuding militias and protests.
[Bloomberg]
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