Dammam: The oil production of the OPEC countries has decreased. The figures released by the association show that a daily production shortfall of more than seven lakh barrels was recorded last month. The OPEC+ group has already decided to cut production as part of preventing the drop in oil prices.
OPEC oil production fell to 29.01 million barrels per day in November. This is a decrease of 710,000 barrels compared to October. The OPEC+ group had earlier decided to cut production in order to prevent the fall in prices in the global oil market and to stabilize the market. This was followed by a decrease in production. The consortium has decided to reduce the rate by 20 lakh barrels per day. But the figures show that the decision was not fully implemented in November. Saudi Arabia, OPEC’s biggest producer, cut 500,000 barrels in November.