Oil output falls after Angolan export cuts

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A woman walks past the head office of Angolan state oil company Sonangol in the capital Luanda. REUTERS

OPEC oil output fell in November by 300,000 barrels per day to its lowest since May due to a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involuntary declines, Reuters reports.

The biggest drop in output in November, of 100,000 bpd, came from Angola where exports fell to a 13-month low. Angolan exports have been curbed in recent months by field maintenance.

Top exporter Saudi Arabia pumped below its OPEC target, as did all other members except Ecuador, Gabon and the United Arab Emirates.

Algerian output declined for a second month because of planned oilfield maintenance.

FILE PHOTO: A man points a fuel nozzle at the camera for a photograph at a gas station belonging to Venezuelan state oil company PDVSA in Caracas, Venezuela. REUTERS

Nigeria and Libya, the two producers exempt from the cut whose extra barrels helped OPEC output reach a 2017 high in July, both reportedly pumped less in.

Nigerian output slipped by 40,000 bpd. The country’s largest crude stream, Qua Iboe, was scheduled in November to export five cargoes, as much as half the rate normally seen.

Libyan output slipped by 30,000 bpd as protests impacted output at a Wintershall field. Libyan production remains volatile and, on average, below levels seen earlier this year.

OPEC agreed to cap Nigerian and Libyan output for 2018 during a recent meeting.

OPEC last year announced a production target of 32.50 million bpd. The target includes Indonesia, which has since left OPEC, and does not include Equatorial Guinea, the latest country to join.

With Equatorial Guinea, OPEC production in November totaled 32.48 million bpd, down 300,000 bpd from October and the lowest since 32.44 million bpd in May.