OPEC Production Falls While U.S. Oil Output Hits New High

OPEC’s crude oil production fell in November for the first time in months, while U.S. oil output continued to reach new highs, OPEC said in its monthly report on Wednesday. Total OPEC-13 crude oil production averaged 27.84 million barrels per day (bpd) in November 2023, down by 57,000 bpd from October, amid lower production from Iraq, Angola, and Nigeria, OPEC’s Monthly Oil Market Report (MOMR) showed. Venezuela and Libya, which are exempted from the OPEC+ deal, saw their crude oil production rise month-on-month, as did Kuwait,…