The key numbers from Reuters' influential secondary sources survey are out for OPEC November production and they show a 710k bpd decline from October. That's 163% of the pledged cuts, including the additional 2 mbpd OPEC+ cut agreed early in October that kicked in for November. That's about 800k bpd below current quotas.
Note that these numbers are for OPEC, not OPEC+, which includes Russia. Total output was 29.01mbpd, which is just under one-third of global production.
What's also notable here is that the core countries of OPEC overproduced, though only slightly except for Iraq.
