OPEC’s Monthly Oil Market Report, which was released on Tuesday, showed that the organization’s daily crude oil production decreased by an average of 744,000 barrels.

The lowest monthly average for Saudi Arabia since May 2022, its output dropped by the highest among its peers in November, by 404,000 bpd, to 10.474 million bpd. Other countries with notable production declines were Kuwait, which saw a drop of 121,000 bpd to 2.685 million bpd, the United Arab Emirates, which saw a loss of 149,000 bpd to 3.037 million bpd and Iraq, which saw a loss of 117,000 bpd to 4.465 million bpd, and Libya which saw a decrease of 32,000 bpd to 1.133 million bpd.

Libya’s oil minister earlier this week stated that the country produced 1.2 million bpd of oil. To entice global oil corporations back into the nation, which has experienced substantial instability in recent years, Libya lifted its force majeure on oil and gas development last week.

The production of Angola, Gabon, and Nigeria increased in the other direction by a combined 132,000 bpd.

The average output level for OPEC in November decreased to 28.826 million bpd, its lowest average level since June. Even while OPEC’s plan to reduce output in response to market conditions was mostly followed, and total production was much lower for November, a few members boosted it.

Non-OPEC liquids production grew month over month in November by 800,000 bpd to 72.7 million bpd, while OPEC’s overall crude production decreased. This number is 2.1 million bpd greater than it was in the same month last year, which indicates that, compared to the previous month, OPEC’s share of the world’s crude oil production fell by 0.7% to 28.4% in November.