Russia Said to Seek Compliance Talks at Saturday’s OPEC MeetingBy
OPEC November production rose to record: Bloomberg survey
Group plans to meet with non-members to discuss cooperation
Russia will seek discussions at a planned meeting with OPEC on Saturday about how the group will fully comply with production cuts, following an increase in its November oil output, said a government official.
Russia will fulfill its pledge to cut production by as much as 300,000 barrels a day, if the Organization of Petroleum Exporting Countries follows through on its commitment to curb output to 32.5 million barrels a day from January, the official said, asking not to be identified in line with government policy.
OPEC is holding talks on Dec. 10 in Vienna in an effort to secure as much as 600,000 barrels a day in production cuts from non-members, to complement the organization’s own 1.2 million-barrel reduction. Russia sees a higher risk that OPEC might fall short of this commitment after the November output increase, the official said.
OPEC crude production rose to a record 34.16 million barrels a day in November, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That’s up from a revised 33.96 million barrels a day in October.
Gains were led by Angola, Nigeria and Libya, the survey showed. The latter two nations are exempt from making any cuts because they have suffered recent supply disruptions. That means that any increase in their production could affect the wider group’s ability to hit the 32.5 million barrel-a-day output target.