PARIS, Dec. 11 (UPI) -- The International Energy Agency said Thursday oil output from major producing nations fell by slightly more than 31 million barrels in November.
The Organization of Petroleum Exporting Countries cartel in October agreed to cut production levels by 1.5 million barrels per day from November in an effort to control dramatic declines in oil prices.
The IEA said OPEC production levels for November were down to 33.3 million bpd, down 760,000 bpd from October levels. IEA had estimated a decline of 28.16 million bpd, the Platts news service said.
Saudi Arabia oil production declined from 9.4 million bpd in October to 9.05 million bpd, the steepest drop of any OPEC member.
The IEA said world oil supplies rose, however, from 86.4 million bpd in October to 86.5 million bpd as production resumed in the Caspian and the Gulf of Mexico.
OPEC meets next week in Algeria to consider further production cuts.
