In fact, it was withholding close to 6 million barrels daily: the initial OPEC+ cuts of 2 million barrels daily, the first round of voluntary cuts by eight members of the group, amounting to 1.65 million barrels daily, and the second round of voluntary cuts by the same eight members, at 2.2 million barrels daily. Also, OPEC+ needs to start reporting condensate and natural gas liquids production alongside crude, the Bloomberg energy columnist argued, noting that last year, in addition to the 40.9 million bpd in pure crude, as it were, OPEC+ was also producing 8.5 million bpd of condensates and NGLs. While OPEC+ discusses how to move forward, oil prices are on course to end 2025 with a solid decline, largely on the back of those oversupply expectations based on global oil inventories, the prospect of an end to the war in Ukraine, and, of course, the oil demand decline narrative that focuses on China and its demand growth moderation.
Author: Irina Slav
Published at: 2025-11-30 00:00:00
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