32.965 million barrels of OPEC production per day during November

Media In Abu Dhabi, 18 December 2018,
The rate of production of the Organization of Petroleum Exporting Countries (OPEC) decreased slightly during the month of November 2018, reaching 32.965 million barrels per day compared with 32.976 million barrels per day during the month of October of the same year.
Despite the decline in production of OPEC, the supply of this strategic commodity still exceeds the demand in the global oil market, which contributed to the decline in the price of the basket of oil to the level of 65.33 dollars a barrel last November, losing about 17.7% compared to October Which has already.
With increasing supply of oil on the world market, the organization, in coordination with major independent producers, convened a meeting earlier in December, where it agreed to cut output by 1.2 million barrels per day (bpd) from January 2019.
The agreement came to reduce production in a move that was described as aimed at controlling the balance of the oil market and taking into account the interests of producers and importers, which means maintaining prices at levels that are fair to both parties.
The production of the Organization “OPEC” in October of 2018 increased by 127 thousand barrels compared to September of the same year, which reached the production rate 32.773 million barrels per day.
It is noteworthy that the average rate of production of “OPEC” during the third quarter of this year, 32.557 million barrels per day, according to statistics released by the Organization, an increase of 367 thousand barrels compared to the second quarter of the same year.