OPEC+ Data Deck (December 2024)
Quota participating OPEC+ output rose in November on the end of Kazakh maintenance, but groupwide output fell below combined obligations of quotas and compensation cuts for the first time this year
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Quota participating OPEC+ crude production rose 158 kbpd to 33,653 kbpd in November, driven by the end of heavy Kazakh field maintenance and, notably, offset by continued Iraqi progress towards complying with quota commitments. The ongoing recovery in Libyan production—not subject to output quotas—added further to overall OPEC+ shipments.
Groupwide November output fell below the combined obligations of quotas and compensation cuts for the first time this year, though underproduction by some small members continues to offset ongoing—albeit now improving—overproduction from those subject to compensation cuts.
Last week, the producer group announced a new, multifaceted output deal that delayed the start of the planned cut easing to April and extended the cut easing window, among other timetable adjustments.
[Further analysis and full OPEC+ Data Deck PDF report below paywall]