Overview
- OPEC+ produced 37.625 million b/d in November versus an adjusted 38.129 million b/d plan, leaving a 504,000 b/d shortfall, according to OPEC data.
- The eight-country group that had applied voluntary cuts raised output by 126,000 b/d and ended the month 23,000 b/d above its adjusted plan, largely due to Kazakhstan exceeding its quota by 265,000 b/d.
- Russia lifted output by 10,000 b/d to 9.367 million b/d yet remained 165,000 b/d below its adjusted quota, as Deputy Prime Minister Alexander Novak said production is moving toward target levels and will need extra investment.
- The producers confirmed a pause on further increases in the first quarter of 2026, keeping allocations unchanged from December 2025.
- Wholesale fuel signals were mixed, with St. Petersburg exchange prices easing late in the week, Belarusian refinery sales on the platform surging, and a Romanian NGO forecasting early‑2026 pump price gains tied to U.S. sanctions on Lukoil.