OPEC production jumped before global deal on cuts, IEA says

By The Associated Press

The International Energy Agency says OPEC oil production climbed to a record high last month, in the days and weeks leading up to a major global deal to slash output.

Russian Minister of Energy Alexander Novak, left, shakes hands with Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia after a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Saturday, Dec. 10, 2016. (AP Photo/Ronald Zak)

PARIS (AP) — The International Energy Agency says OPEC oil production climbed to a record high last month, in the days and weeks leading up to a major global deal to slash output.

OPEC countries pumped 34.2 million barrels a day in November, the IEA said in its monthly report Tuesday. That was up 300,000 barrels a day from a month earlier, and "more than offset" a drop in production by non-OPEC countries.

Oil prices rallied after OPEC and non-OPEC countries, whose economies have suffered from low oil prices, jointly decided last weekend to cut production.

The IEA said "the next few weeks will be crucial in determining if the production cuts are being implemented and whether the recent increase in oil prices will last."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs