OPEC Oil Production Holds Steady in November Amid Market Caution
OPEC oil production remained stable in November as the group maintained a cautious strategy amid signs of slowing global oil markets.
A recent survey showed that OPEC oil production saw little change from the previous month, reflecting a collective effort to avoid adding excess supply at a time of falling prices.
According to the data, OPEC oil production averaged slightly above 29 million barrels per day in November, nearly unchanged from October, despite an earlier agreement among OPEC+ members to continue gradual output increases toward the end of the year.
This approach comes as oil markets increasingly point to a potential supply surplus, with analysts expecting global supply growth to outpace demand next year.
Prices have already fallen about 15% this year, trading near $63 a barrel in European markets.
Against this backdrop, key OPEC+ producers led by Saudi Arabia and Russia decided last month to freeze production increases during the first quarter of 2026, taking advantage of seasonal demand weakness and allowing time to assess geopolitical risks affecting supplies from Russia and Venezuela.
In November, modest output gains from the United Arab Emirates offset minor declines in several member countries, including Saudi Arabia, Iran, and Gabon.
The UAE raised production by around 60,000 barrels per day to 3.61 million barrels, above its quota, although OPEC Secretariat data suggest Abu Dhabi remains largely compliant with agreed limits.
