OPEC oil output dips in November ahead of Aramco IPO, Dec. policy meet

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OPEC oil output dips in November ahead of Aramco IPO, Dec. policy meet

Oil output of OPEC (Organization of Petroleum Exporting Countries), a 14-nation pact of crude oil exporting nations, had fallen substantially in November as the OPEC-kingpin Saudi Arabia had curbed oil supply ahead of its Aramco IPO to rebalance crude oil price, while a steep decline in Angolan production over maintenance issue had added further strains on OPEC output, a press agency survey had revealed on Friday, the 29th of November 2019.

On top of that, according to the press agency survey, the 14-nation organization of crude exporting countries had pumped out roughly 29.57 million barrels per day, down by 110,000 barrels per day a month earlier on an adjusted basis.

Aside from that, the survey had also figured out that Saudi Arabia, the second-largest crude oil producer across the globe behind the United States, had not yet restored its full potential following a number of drone attacks in two of its oil facilities back in September, while industry analysts were suggesting that the Saudi Aramco was keeping a lid on its output ahead of a Aramco IPO price announcement due on December 5th, same day when members of OPEC alongside Russia-led allies were scheduled to meet to settle on output curb for next six months.

In point of fact, back in the December of January, following a two-day-long tentative meet, OPEC members alongside Russia-led allies had agreed to an output curb of 1.2 million barrels per day, an accord which is widely anticipated to extend up to June 30th, 2020.