OPEC+ oil output cut compliance reaches 101% in November

Oil barrels

The compliance of OPEC+ with a global oil supply cut deal stood at 101% in November, Reuters reported today, citing two OPEC+ sources as saying.

One of the sources said OPEC members’ compliance reached 104% while compliance was at 95% for their allies, including Russia.

OPEC+ member countries are set to increase output by about 500,000 bpd starting from next month.

Meanwhile, Brent crude futures for February delivery rose by 0.6% to $51.38 per barrel at 4:30 p.m. MLT, while NYMEX crude contracts for February delivery added 0.5% to $48.25 per barrel.