OPEC production jumped before global deal on cuts, IEA says - Action News
Home WebMail Wednesday, November 13, 2024, 04:44 AM | Calgary | -1.4°C | Regions Advertise Login | Our platform is in maintenance mode. Some URLs may not be available. |
Business

OPEC production jumped before global deal on cuts, IEA says

The International Energy Agency says OPEC oil production climbed to a record high last month, in the days and weeks leading up to a major global deal to slash output.

Output hit 34.2 million barrels a day in November, up 300,000 barrels a day from October

A photo of a pump jack in silhouette against the sun.
A standalone layoff insurance is now available in Alberta, another sign of the economic downturn in the province. (Sue Ogrocki/Associated Press)

The International Energy Agency says OPEC oil production climbed to a record high last month, in the days and weeks leading up to a major global deal to slash output.

OPEC countries pumped 34.2 million barrels a day in November, the IEA said in its monthly report Tuesday. That was up 300,000 barrels a day from a month earlier, and "more than offset" a drop in production by non-OPEC countries.

Oil prices rallied after OPEC and non-OPEC countries, whose economies have suffered from low oil prices, jointly decided last weekend to cut production.

The IEA said "the next few weeks will be crucial in determining if the production cuts are being implemented and whether the recent increase in oil prices will last."