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Iraq and Saudi Arabia cut their oil production in November
Shafaq News/ The indications of oil cuts varied among members of "OPEC" in the Middle East. While Iraq and Saudi Arabia reduced their production in November with the implementation of the "OPEC +" decision, the UAE increased its production.
Iraq's shipments declined by 308 thousand barrels per day, or about 9%, in the first half of November. Saudi shipments also declined by at least 430 thousand barrels per day, or about 6%.
But UAE exports rose by 379 barrels per day, or nearly 12%, according to Kepler, the company that tracks oil shipments around the world, while Kuwait's flows were broadly flat.
Petro-Logistics, a tanker-tracking company, also noted that OPEC member states' flows fell in the first half of November by 1 million barrels per day.
Iraq and Saudi Arabia, members of the Organization of the Petroleum Exporting Countries (OPEC), fully adhered to the agreement concluded by the organization and its allies last month.
US President Joe Biden criticized Saudi Arabia and its partners last month, saying that a huge production cut of two million barrels per day would endanger the global economy and help OPEC + member Russia in its war on Ukraine, although oil market trends since then have given Some justification for the decision.
Crude oil prices fell by about 4% this week, to approach $90 a barrel, amid conditions of weak demand.
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, defended the cuts last week at COP27 talks in Egypt, saying it was necessary to eliminate severe economic uncertainties. He stressed that the group would continue to "be careful". The kingdom has often sought to nudge OPEC+ members to follow suit, quickly implementing — or even exceeding — the restrictions it pledged to encourage other members to follow.
The "OPEC +" alliance, which includes 23 countries, is scheduled to meet on December 4 to discuss production policy for early 2023 in Vienna.
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Iraq's shipments declined by 308 thousand barrels per day, or about 9%, in the first half of November. Saudi shipments also declined by at least 430 thousand barrels per day, or about 6%.
But UAE exports rose by 379 barrels per day, or nearly 12%, according to Kepler, the company that tracks oil shipments around the world, while Kuwait's flows were broadly flat.
Petro-Logistics, a tanker-tracking company, also noted that OPEC member states' flows fell in the first half of November by 1 million barrels per day.
Iraq and Saudi Arabia, members of the Organization of the Petroleum Exporting Countries (OPEC), fully adhered to the agreement concluded by the organization and its allies last month.
US President Joe Biden criticized Saudi Arabia and its partners last month, saying that a huge production cut of two million barrels per day would endanger the global economy and help OPEC + member Russia in its war on Ukraine, although oil market trends since then have given Some justification for the decision.
Crude oil prices fell by about 4% this week, to approach $90 a barrel, amid conditions of weak demand.
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, defended the cuts last week at COP27 talks in Egypt, saying it was necessary to eliminate severe economic uncertainties. He stressed that the group would continue to "be careful". The kingdom has often sought to nudge OPEC+ members to follow suit, quickly implementing — or even exceeding — the restrictions it pledged to encourage other members to follow.
The "OPEC +" alliance, which includes 23 countries, is scheduled to meet on December 4 to discuss production policy for early 2023 in Vienna.
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