Global oil supply in November dropped by 190 thousand bpd for the first time in five months this year after the Persian Gulf countries started cutting production under the OPEC+ deal, according to the November report of the International Energy Agency (IEA).
"Global oil supply dropped by 190,000 bpd, to 101.7 million bpd, following a five-month increase, after Saudi Arabia and other Gulf states reduced supply as part of new quotas under the OPEC+ deal," the report said.
At the same time, even more supply reduction is expected in December amid the embargo on Russian oil supplies to the EU and the introduction of price ceilings by the G7 countries.
On December 4, the member countries of the OPEC + agreement decided to keep the current plan for oil production, which provides for a reduction of 2 million bpd from November 2022 to the end of 2023. In the final communiqué, it is noted that the OPEC+ participants confirm their readiness to meet at any time and take necessary additional measures in response to the market situation in order to maintain the balance of supply and demand.
GSV "Russia - Islamic World"
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Based on materials from TASS