Iranian output down 380 MBOPD
OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. OPEC production fell slightly in November, dropping by 11 MBOPD to 32,965 MBOPD.
Saudi, Kuwait, UAE add 493 MBOPD
Most of the regions that increased production did so to balance out U.S. sanctions on Iran, which took effect in early November. The largest growth came from Saudi Arabia, which added 377 MBOPD from October to November. Kuwait and UAE also added significant production, with output rising by a combined 116 MBOPD.

This concerted push for increased output from a few key OPEC members, however, was not enough to cancel out the decline seen in other countries. Iranian pr...

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