MOSCOW, December 11. /TASS/. OPEC+ countries participating in the agreement on output reduction boosted crude production by 140,000 barrels per day (bpd) in November largely due to Kazakhstan, though output was 222,000 barrels per day lower than the target considering voluntary adjustments and compensations, according to figures in December report by OPEC.
Excluding Lebanon, Iran and Venezuela, which are exempted from fulfillment of the agreement, output by OPEC members totaled 35.228 mln barrels per day. Considering all voluntary adjustments and compensation schedules for November, OPEC+ countries were to produce 35.45 mln barrels per day, which means that the alliance’s output was 222,000 barrels per day below the target.
Kazakhstan increased production by 202,000 barrels per day in November as according to the latest approved schedule it was to cut the volume of oil overproduction compensation under the OPEC+ deal from 265,000 barrels per day to 32,000 barrels per day. Kazakhstan’s output equaled 1.498 mln barrels per day, which is 62,000 barrels per day higher than the target. Russia’s production in November was 46,000 barrels per day above the target, while Iraq produced 143,000 barrels per day higher than planned. Those three countries are among OPEC+ ‘debtors’ that are to compensate for insufficiently reduced production volumes.