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November OPEC oil output drops to 6-month low: report

Oil production from the Organization of the Petroleum Exporting Countries fell to the lowest level in six months in November, according to an S&P Global Platts survey released Thursday. OPEC output declined by 220,000 barrels a day in November from a month earlier, to 32.35 million barrels a day. The decline was driven by “steady” crude production falls in Angola, Saudi Arabia, Iraq, Venezuela, Libya and the UAE, S&P Global Platts said. Saudi Arabia’s output fell by 50,000 barrels a day to a four-month low of 9.97 million barrels a day. Output from Nigeria and Algeria, however, climbed. January West Texas Intermediate crude held onto earlier gains, trading 50 cents, or 0.9%, higher at $56.46 a barrel on the New York Mercantile Exchange.

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