According to secondary sources, total OPEC-14 preliminary crude oil production averaged 29.55 million barrels per day (mb/d) in November, lower by 193,000 barrels per day (b/d) month-on-month, Trend reports citing OPEC December Oil Market Report (MOMR).
Crude oil output increased mostly in Ecuador, Kuwait , while production decreased in Saudi Arabia, Iraq, reads the report.
The share of OPEC crude oil in total global production decreased by 0.3 percentage points to 29.6 percent in November 2019 compared to the previous month.
In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.
On July 2, 2019, a decision was made in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.