OPEC cuts oil output amid increase in Russia shipments: Report

OPEC cut crude production by nearly one million barrels per day (bpd) in November, roughly in line with the amount specified by a pact with its allies, according to a Bloomberg survey.
 

Oil exports from the 23-nation organization fell by 361,000 bpd, with cuts from most members offsetting Russia's output hike, data from energy analytics firm Kpler showed.

Viktor Katona, an analyst at Kpler in Vienna, said Russian oil producers are doing what contradicts the main trend, which means that they were increasing production.
 

Moscow increased oil production to an eight-month high of 10.9 million bpd in November, according to Ministry of Energy data. This was ahead of European Union's sanctions on crude oil sales that will take effect next week.

OPEC+ members are expected to meet next Sunday to review the oil output policy for early 2023. Although the increase in Russia's oil shipments contradicts with the organization's attempts to tighten supplies, the start of sanction implementation means that flows from Russia would slow down soon.