LONDON, Dec. 8 (UPI) -- Output last month from members of the world's oil cartel bound by quotas, most of whom are in the Middle East, fell by 660,000 barrels per day.
The 10 members of the Organization of Petroleum Exporting Countries who have accepted quotas produced an average 27.07 million barrels per day in November, still well above the group's new 26.3 million barrel per day output target, a Platts survey showed Friday.
Based on Platts' figure for OPEC's November production, the group exceeded its 26.3 million barrels per day target by 770,000 barrels.
"Despite the fact that OPEC's cuts are nowhere near what was targeted, the market still remains solidly above $60," said John Kingston, Platts global director of oil. "But the group does face a supply/demand equation that is significantly out of whack, to its possible detriment, as the first quarter progresses and goes into the second quarter," he explained.
For this reason, it appears there is significant support among OPEC ministers to cut crude production again at talks in the Nigerian capital Abuja when the organization meets Dec. 14.
