OPEC crude oil production fell 193000 barrels a day in November

According to the latest OPEC oil market report (momr) for December, the average daily crude oil production of 14 OPEC members in November was 29.55 million barrels, which was 193000 barrels less than that of October. According to momr, crude oil production in Ecuador and Kuwait increased in November, while crude oil production in Saudi Arabia and Iraq decreased in November. In November, OPEC's share of global crude oil production fell 0.3 percentage points from October, to 29.6%. At the end of 2018, OPEC and some non OPEC oil producing countries (OPEC +) decided to update the relevant provisions of the agreement on oil production reduction, which came into force from the beginning of 2017. OPEC + agreed to cut crude oil production by 1.2 million barrels a day from October 2018. On July 2 this year, the Vienna meeting decided to extend the production reduction agreement between OPEC members and non OPEC oil producing countries to the end of the first quarter of 2020.