OPEC production reaches highest level since Indonesia left in 2009
In the group’s monthly release out today, OPEC reported that the group produced 31.695 MMBOPD, the most it has produced since 2009 reports The Wall Street Journal. The higher levels of production came mostly from Iraq, which added 247.5 MBOPD in November for a total of 4.3 MMBOPD. OPEC’s November Oil Market Report did not give specific reasons for the increased production in Iraq.

Interestingly, if Iraq’s production is excluded from the rest of OPEC’s, the group’s production...

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