|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)|
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."